Food items are pictured at a supermarket in Istanbul, Turkey, May 26, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Xinhua/Shadati)
ANKARA, June 3 (Xinhua) -- Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday.
The country's CPI increased by 2.98 percent month-on-month in May, according to data released by the institute.
The highest annual price surge was in the transportation sector with 107.62 percent. The cost of food and non-alcoholic drinks increased 91.63 percent, while furnishings and household equipment prices were up 82.08 percent.
Meanwhile, the domestic producer price index climbed 8.76 percent month-on-month in May, with an annual rise of 132.16 percent, marking its highest level since 1995, the data showed.
The country is undergoing financial woes unseen in decades, with the Turkish lira losing half its value last year due to the COVID-19 pandemic. The Russia-Ukraine conflict also worsened the situation, pushing energy prices to new highs.
Economists predicted that Turkey is likely to live with high inflation throughout 2022. ■
People shop at a market in Istanbul, Turkey, June 6, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Photo by Unal Cam/Xinhua)
People shop at a market in Istanbul, Turkey, June 6, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Xinhua/Shadati)
People shop at a market in Istanbul, Turkey, June 6, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Photo by Unal Cam/Xinhua)
Vegetables are pictured at a market in Istanbul, Turkey, June 6, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Xinhua/Shadati)
A vendor sells cherries at a market in Istanbul, Turkey, June 6, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Xinhua/Shadati)
A vendor sells vegetables at a market in Istanbul, Turkey, June 6, 2022.
Turkey's consumer price index (CPI) surged by 73.5 percent year-on-year in May, hitting a record high since October 1998, the Turkish Statistical Institute announced Friday. (Photo by Unal Cam/Xinhua)