Erdogan says May figures show inflation is on downward trend

ANKARA – Turkish President Tayyip Erdogan said on Sunday that inflation figures from the month of May, when annual consumer prices jumped to a 24-year high, showed inflation was now on a downward trend.

Inflation jumped to 73.5% in May – fuelled by a tumbling lira, rising energy costs and the war in Ukraine – though the figure was slightly lower than economists had feared.

Speaking to members of his ruling AK Party, Erdogan said his government was working on ways to alleviate Turks’ economic woes and combat soaring prices.

(Reporting by Tuvan Gumrukcu; Editing by Kirsten Donovan)