Turkish inflation exceeds 75%

Turkey’s annual inflation jumped above 75% in May, but officials expect it to have peaked and begin declining from June. The central bank raised interest rates to 50% to combat soaring prices. Finance Minister Simsek predicted inflation will likely fall below 50% by end of Q3 as the government implements austerity measures, after high prices contributed to electoral setbacks for President Erdogan’s party in March municipal elections.