Turkiye faced a 2.98 per cent rise in consumer prices in May this year while its annual inflation increased by 3.53 points to 73.5 per cent, according to the TurkiyeCumhuriyetMerkexBankasi (TCMB), the country’s central bank. Prices in Turkiye;s clothing and footwear group grew by 4.63 per cent on a monthly basis while annual inflation in the category rose by 3.52 points to 29.27 per cent.

The rise in annual consumer inflation spread across sub-categories in this period, with the most significant contribution coming from core goods and services. In May, subcategories of the core goods group faced annual inflation. The annual price increase in the services group remained relatively flat in transport services while it increased in other sub-categories.

The rise in producer prices persisted in the month due to international commodity prices, exchange rate developments and ongoing supply chain disruptions. In May, annual core goods inflation increased by 3.74 points to 65.32 per cent.