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Turkey’s inflation rises higher than expected in May: report

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Turkey’s consumer price inflation climbed more than expected to 11.39 percent year-on-year in May, the Turkish Statistical Institute said on Wednesday, rising against a background of slowing economic activity due to the coronavirus pandemic, according to Reuters.

Month-on-month, consumer prices rose 1.36 percent in May, compared to a Reuters poll forecast of a 0.95 percent rise. The poll forecast annual inflation would remain flat at 11 percent in May. In April it slipped to 10.94 percent.

The producer price index rose 1.54 percent month-on-month in May for an annual rise of 5.53 percent, the data showed.

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