NEWS ECONOMY NEWS        03/06/2019

Turkey’s annual inflation rate moves down to 18.71% in May 2019

The Turkish Statistical Institute (TÜİK - TurkStat) announced an increase in the consumer inflation rate for May 2019 compared with the previous month as 0.95%, resulting in a fall in the annual-to-date rate to 18.71% from the previous month’s rate of 19.50%. This was below market expectations which foresaw no change from the previous month.


The highest monthly increase was recorded in alcoholic beverages and tobacco with 8.88%, followed by clothing and footwear with 4.09%, transportation with 2.18%, entertainment and culture with 1.86%, and restaurants and hotels with 1.61%.     


The two monthly decreases were recorded in household goods with 1.58% and in food and non-alcoholic beverages with 1.18%.


The highest annual increase was recorded in food and non-alcoholic beverages with 28.44%, followed by miscellaneous goods and services with 26.75%, household goods with 24.54%, entertainment and culture with 20.06%,  restaurants and hotels with 19.77%, health with 19.37%, and alcoholic beverages and tobacco with 19.22%.     


Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate drops to 9.26% in September 2019       Turkey’s unemployment rate increases to 14% in August 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019