Turkey’s annual inflation rate at 16.59% in May

Turkey's annual inflation rate stands at 16.59% in May, down from 17.14% in April, the country’s statistical authority announced on Thursday.

The annual figure in consumer prices decreased by 0.55 percentage points last month, according to the Turkish Statistical Institute (TurkStat).

On a monthly basis, the consumer price index went up by 0.89% in May.

Economists polled by Anadolu Agency last week projected the inflation rate would be 17.17%.