Turkey’s inflation surged to 75.5% in May, exceeding forecasts and marking what officials hope is the peak of a prolonged cost-of-living crisis. Monthly inflation also accelerated to 3.4%. Despite the sharp rise, Turkish policymakers, following more conventional economic strategies since President Erdogan’s reelection, expect inflation to drop to 38% by year-end. Finance Minister Mehmet Simsek anticipates a significant decline starting in June, potentially bringing inflation below 50% by the end of the third quarter.