ISTANBUL

Türkiye's annual inflation rate was at 75.45% in May, up from 69.8% in April, official figures from the Turkish Statistical Institute (TurkStat) showed on Monday.

Clothing and footwear saw the lowest annual hike with 50.85% and education posted the highest one with 104.8%, TurkStat noted.

On a monthly basis, consumer prices rose by 3.37% in May 2024, after increasing by 3.18% in April.

Communication sector posted the lowest monthly increase with 1.01% while clothing and footwear with 9.6% was the main group where the highest monthly increase was realized.

Previously, Mehmet Simsek, the Turkish finance and treasury minister, has said the inflation rate saw its peak level in May before entering a disinflation path.

The rate is expected to drop to 40% in September.