The annual inflation rate in Turkey plunged for the seventh consecutive month in May to land at 39.59%, according to the monthly report published by the Turkish Statistical Institute (Turkstat) on Monday.
Consumer prices have cooled to their lowest level since December 2021, supported by the agency's decision to exclude household-gas consumption in its calculations.
Turkstat's move came in response to President Recep Tayyip Erdogan announcing a generous economic plan just ahead of the last month's presidential election, which he won after runoffs. The package included free natural gas for citizens and a 45% salary raise for public sector workers.
