City View Yeni Cami Grand Mosque Next to the Golden Horn of the Bosphorus River, Topkapi Palace, Hagia Sophia Istanbul, Republic of Turkey
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Turkey's inflation rate exceeded 75% in May, which economists expect will peak before prices begin to decline.
Consumer prices rose 75.45% in May year-on-year and 3.37% month-on-month, according to the Turkish Statistical Institute, a government agency.
The sectors that witnessed the largest annual increase in prices were education by 104.8%, housing by 93.2%, and hotels, cafes and restaurants by 92.9%.
Economists had previously expected that inflation in the country of 85 million people would peak at around 75%. Turkey has been on a year-long journey of steadily raising interest rates in an attempt to calm prices, which has led to significant financial hardship for the average Turkish consumer.
The Turkish Central Bank has kept the interest rate at 50% since March, citing the ongoing need to confront the country's rising inflation. “The tight monetary stance will be maintained until a significant and sustained decline in the underlying trend in monthly inflation is observed,” the bank said at the time.
