Inflation rate returns to double digits

The inflation rate returned to double digits in May for the first time in 13 months. According to inflation figures released by the Turkish Statistics Institute (TUIK), the consumer price index (CPI) increased by 1.49 percent and the producer price index (PPI) by 2.12 in May, pushing annual interest rate10.74 percent for CPI and 16.53 percent for PPI. In the first five-month period of the year, CPI hit 6.38 percent and PPI 13.39 percent. The Central Bank expects inflation to end this year at 9.3 percent.