Turkey's inflation rate hits record high

Turkey's inflation rate stood at 9. 66 percent in May, hitting a record high in the past two years, official data showed Tuesday.
The consumer price index (CPI) moved up 0.4 percent over the previous month, but it was still below the market forecast of 0.49 percent, according to data released by Turkish Statistics Institute.
The inflation has been mainly driven by the price rise of food and beverage, which showed the highest annual increase with 14 percent in May.
Turkey set the annual inflation forecast at 6.6 percent earlier this year. However, most analysts forecasted this year's inflation would climb to as high as 8.5 percent.