Consumer prices in crisis-hit Turkey rose by 5.1 percent in May and were up 52.4 percent on a 12-month basis, the state statistics institute announced on Sunday, June 3. Wholesale prices increased 6.3 percent in May from the previous month and rose by 57.7 percent from a year earlier. Turkey's annual inflation stood at 37.5 percent in March and 48.3 percent in April.
The May figures reflected a declining trend in monthly price hikes, which sky-rocketed after severe financial turmoil hit Turkey in February, causing the Turkish lira to lose some 40 percent of its value against the dollar.
Consumer prices climbed 6.1 percent in March and 10.3 percent in April, while the wholesale increases were 10.1 and 14.4 percent respectively.
Last month Turkey won a multi-billion-dollar emergency package aid from the International Monetary Fund (IMF) in return for a program of tight economic reforms.
Ankara, however, had to revise its inflation target, which was originally pinned at 12 percent for the end of 2001. The government now expects the year-end inflation to be 52.5 percent. ― (AFP, Ankara)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)