ECONOMY

Turkey's annual inflation falls to 11.72 pct

TURKEYS ANNUAL INFLATION FALLS TO 11.72 PCT
Turkey's monthly inflation rate rose in May, but annual inflation eased to 11.72 percent from 11.87 percent in April, the Turkish Statistical Institute (TurkStat) announced on Monday.

Consumer prices in the country climbed 0.45 percent month-on-month in May, TurkStat said.

A survey prepared by Anadolu Agency's finance desk on the median estimate of inflation expectations showed a 0.45 percent increase on a monthly basis and 9.59 percent on an annual basis.

Twenty economists took part in the survey.

The survey showed the highest monthly increase of 5.97 percent was in clothing and footwear, while the main drivers of yearly consumer price inflation on an annual basis were alcoholic beverages and tobacco, together up by 21.69 percent.

Last month, the government announced its aim to gradually reduce inflation to single digits once again, by stemming an ongoing hike in food prices
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