Turkish inflation continues to rise in May to 32.6 percent

Higher energy prices as a result of the Iran war are driving the rise.

Consumer prices in Turkey rose by 32.6 percent year-on-year in May. The increase in the previous month was 32.4 percent year-on-year.

Analysts had expected inflation in Turkey to average 32.5 percent in May, according to Bloomberg.

Turkey's central bank, whose key interest rate is 37 percent, has set a goal of reducing inflation in the country to 24 percent by the end of the year. The next interest rate announcement is expected on June 11.

Compared to the previous month, consumer prices in Turkey rose by 1.7 percent in May, compared with a month-on-month increase of 4.2 percent in April.