Inflation in Turkey soared to 75% in May, up from 69.8% in April, marking what economists anticipate to be the peak before prices begin to ease.
According to the Turkish Statistical Institute, consumer prices rose by 75.45% annually and 3.37% monthly.
Sectors experiencing the steepest annual price hikes were education at 104.8%, housing at 93.2%, and hotels, cafes, and restaurants at 92.9%.
Economists had predicted inflation in the country of 85 million people would peak around 75%.
However, Turkey's central bank has maintained its interest rate at 50% since March to counter climbing inflation.
The bank statement said, "Tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed."
Meanwhile, Liam Peach, senior emerging markets economist at London-based Capital Economics, wrote in a research note that read, "We’re confident that inflation has now reached a peak but, with today’s release containing a few unpleasant surprises, the pace of disinflation in the second half of the year is looking a bit more uncertain."
Based on the current pace of inflation acceleration, it "may now end the year slightly higher," Peach wrote, adding that "an extended pause in interest rates is likely for some time."
Moreover, despite expectations of inflation reaching 41% by year-end, some analysts now suggest a higher figure due to the recent acceleration in inflation.
The possibility of interest rate cuts by the end of the year or in 2025 remains uncertain among economists.