The consumer price index (CPI) recorded an annual rate of 39.59% and a monthly rate of 0.04%.

In May 2023, the CPI based on the general index (2003=100) experienced a marginal increase of 0.04% compared to the previous month. However, when compared to December of the previous year, there was a significant rise of 15.26%.

On a year-on-year basis, the annual inflation stood at 39.59%, while the twelve-month moving average reached 63.72%.

Among the main expenditure groups, clothing and footwear witnessed the lowest annual increase, with a rate of 19.49%. In contrast, hotels, cafes, and restaurants registered the highest annual increase at 68.98%.

Looking at the monthly changes, housing recorded the lowest increase at -13.79% in May 2023. On the other hand, clothing and footwear saw the highest monthly increase, rising by 9.85%. Detailed indices, weights, and rate of changes for main expenditure groups can be found in Table-1.

Within the index, which includes 143 basic headings based on the Classification of Individual Consumption by Purpose-COICOP 5 Digit Level, 25 basic headings experienced a decrease, while 8 basic headings remained unchanged. The index for 110 basic headings showed an increase.

When considering the CPI excluding unprocessed food, energy, alcoholic beverages, tobacco, and gold, the change in CPI revealed a monthly increase of 3.60% in May 2023. Comparing it to December of the previous year, the annual increase was 19.51%, and on a year-on-year basis, the inflation rate reached 47.70%. The twelve-month moving average for this indicator stood at 60.94%.

These latest figures indicate a positive trend, suggesting a slowdown in inflation in Turkey. The decrease in annual and monthly rates brings hope for improved stability in the country's economy, providing relief to consumers and businesses alike. (ILKHA)