Türkiye Tops OECD Inflation List at 35.4% as Global Trend Cools
OECD
Türkiye posted the highest inflation rate among OECD countries in May 2025, with an annual consumer price increase of 35.4%, according to the latest data from the Organisation for Economic Co-operation and Development (OECD). This figure places Türkiye nearly nine times above the OECD average, which dropped to 4.0%—its lowest level in four years.
Despite a 2.5-point monthly decline from April’s 37.9%, Türkiye’s inflation remains an outlier. The OECD ranked Türkiye ahead of Colombia, Estonia, Chile, Mexico, and Hungary in terms of headline inflation.
Structural Price Surge: 601% Rise Since 2019
The OECD report highlights a deeper issue beyond monthly fluctuations: long-term price growth. Since December 2019, consumer prices in Türkiye have jumped by 601.4%, compared to an OECD average of 33.7%—18 times lower. This underscores Türkiye’s structural inflation problem, driven largely by currency devaluation, supply constraints, and policy volatility.
G7 and Eurozone Keep Inflation in Check
By contrast, the Eurozone’s inflation slowed to 1.9%, while G7 nations maintained a steady average of 2.4% for the third consecutive month. Price growth in Germany (2.1%), France (0.7%), Italy (1.6%), and Spain (2.0%) remained under control. Switzerland and Costa Rica even recorded deflation, with prices falling 0.1% year-on-year.
Energy and Food Still Major Pressure Points in Türkiye
Although Türkiye’s official breakdown was not provided, OECD estimates suggest the country saw cumulative price increases of over 40% in both food and energy since 2019. For May 2025, food prices contributed 8.3 percentage points and energy prices 3.2 points to Türkiye’s overall annual CPI. Core inflation, excluding food and energy, accounted for 23.9 points, showing widespread pricing pressure across sectors.
Global Trend: Inflation Eases in Majority of OECD Nations
Across the OECD, inflation declined in 15 countries in May, while it rose in 9. Countries such as Czechia, Greece, Mexico, and Norway experienced monthly increases of 0.5 percentage points, while the rest saw either stable or slightly improved figures.
