By Akin Nazli in Belgrade Turkey’s consumer price index (CPI) inflation officially stood at 75.45% y/y in May versus 69.8% y/y in April and 38% y/y in June last year, the Turkish Statistical Institute (TUIK, or TurkStat) said on June 3 (chart). At 75.45%, TUIK’s inflation series has reached its peak. It will quickly fall back to the 40%s in the next few months thanks to the base effect. Pushing the headline figure to below 40% would perhaps prove too much of a stretch for the country’s infamous statistical institute. On May 9, the central bank hiked its end-2024 official inflation ‘target’ to …