Survey expects drop in Turkey’s inflation in May

Turkey's annual inflation rate is expected to drop to 19.10% in May, according to an Anadolu Agency survey on Friday.

The country's consumer prices index increased by 19.50% year-on-year in April. TurkStat, the statistical authority of the country, will release the consumer price index for May on Monday.

A group of 17 economists projected that monthly inflation will stand at 1.28%, varying between 0.72% and 1.90%.

In April, consumer prices rose by 1.69% on a monthly basis.

Economists also predicted that the year-end annual inflation would be 16.01% -- with the lowest estimate at 14.50%, and the highest at 18.00%.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% in October 2018.

Under Turkey's new economic program announced September 2018, the country's inflation rate target is 15.9% this year, 9.8% next year, and 6.0% in 2021.

Finance and Treasury Minister Berat Albayrak said earlier that the inflation rate would drop sharply in the upcoming months.