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Turkiye official inflation slows to 39.6% in May after Erdogan's pledge of free natural gas

June 5, 2023 at 7:02 pm

Offshore platform of Silivri Underground Natural Gas Storage Expansion Facility is seen after manufacturing and assembly works of the two platforms of the facility have been completed, in Istanbul, Turkiye. [Celal Güneş – Anadolu Agency]

Turkish annual inflation fell to 39.59 per cent in May due to the government offsetting price rises in other goods by providing natural gas free of charge, Reuters reports.

According to the report, the government-run Turkish Statistical Institute (TUIK) calculated the annual inflation rate as 39.6 per cent in May.

TUIK said, last week, that it would apply a “zero price” method for natural gas in the consumer price index (CPI) calculations for May, a month in which President Recep Tayyip Erdogan won re-election.

The official data by TUIK was released as Turkiye’s new Vice President, Cevdet Yilmaz, said on Monday he will prioritise the fight against inflation and will pay special attention to improving the investment environment as he took up his post.

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