Turkish President Recep Tayyip Erdogan confirmed the authorities’ determination to reduce high inflation in the republic to single digits. According to him, the decline in inflation will begin in the summer months.
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Statement by the President of Turkey
“Despite the wars and crises in our region, we are resolutely implementing our economic program. In February, the unemployment rate was 8.7%. However, we see that there is an imbalance in our labor market. We are taking the necessary steps to address cost of living and wage issues. We are aiming to bring inflation down to single digits. Annual inflation will begin to decline in the summer months,” Erdogan said in an address to the nation after a cabinet meeting he chaired in Ankara.
Read: Inflation in Turkey updated its maximum since November 2022
Inflation growth
Inflation in Turkey at the end of April, according to official data, reached 69.8% year-on-year compared to 68.5% in the month previously. At the same time, a group of independent economists ENAG estimated the inflation rate in the republic last month at 124.35%.
Turkish Finance Minister Mehmet Şimşek previously reported that local authorities expect a rapid decline in inflation from June. By the end of the year, the Turkish Central Bank forecasts it at 36%.