Turkey's inflation rate falls below 40 percent

(Patria) - Turkey's annual inflation rate fell below 40 percent in May, for the first time in 16 months, driven by a temporary offer of free gas for households, AFP reported.

Consumer prices rose by 39.6 percent year-on-year and were almost stable, at 0.04 percent compared to the previous month, according to the state statistics agency.

However, these official figures, the first since President Recep Tayyip Erdogan was re-elected on May 28, are disputed by independent economists from Turkey's Inflation Research Group (ENAG).

They say annual inflation is between 105 and 109 percent, depending on whether the offer of free gas is taken into account or not.

Erdogan, who is beginning his third term in power, said tackling inflation is the main priority.

Inflation stood at 85 percent in the fall of 2022, before it began to slow down in November. Although prices continue to rise every month, they are doing so less rapidly than the previous year, AFP concludes.