The inflation rate in Turkey jumped in May, official statistics showed Monday, amid a drop in the country’s currency and a jump in oil prices.
Three weeks ahead of snap presidential and parliamentary elections on June 24, which would give President Recep Tayyip Erdoğan beefed up powers, consumer prices climbed 12.15 percent from the same period in May last year, according to the Turkish statistics office TÜİK.
It marked a pick-up from the 10.85 percent that was recorded in April.
The highest annual increase was 20.02 percent in transportation.
Home furnishings prices rose more than 16 percent, while prices at hotels, cafés and restaurants increased 12.51 percent. Housing costs were up 11.2 percent.
Clothing prices rose 5.21 percent and transport prices 2.32 percent in May, the TÜİK data showed.
Core “C” inflation, excluding energy, food, drink, tobacco and gold, rose to 12.64 percent year-on-year from 12.24 a month earlier.
The currency had tumbled in May to a record low of 4.9290 against the dollar.
The Central Bank last month sought to prop up the currency with an emergency 300 basis points rate hike and also by simplifying its monetary policy.
The currency slightly gained 0.7 percent in value against the dollar to trade at 4.6 against the greenback.
