Fighting inflation in Turkey is top priority – Vice President
ALBAWABA – Inflation in Turkey fell below 40 percent in May for the first time in 16 months, according to the Turkish Statistical Institute’s report on Monday.
Turkey's year-on-year inflation rate stood at 39.59 percent in May, down from 43.68 percent in April, the report said.
However, the May rate was marginally higher than the expected 39.2 percent, as reported by Bloomberg.
Inflation rates in Turkey have been declining over the past seven months, marking the lost levels in May since the end of 2021.
The moving average of inflation over the last twelve months stood at 63.72 percent, down from 67.20 percent in April, but still above the 39.33 percent recorded in the same month of 2022.
Meanwhile, new Vice President of Turkey Cevdet Yilmaz, under Recep Tayyip Erdogan, announced Monday that he will prioritize the fight against inflation above all else.
He will also pay special attention to investment environment issues when he takes office, Yilmaz said.
Turkish president Erdogan announced his new government on Saturday and appointed Yilmaz as his deputy instead of Fuad Oktay.
Turkish president Erdogan announced his new government on Saturday and appointed Yilmaz as his deputy instead of Fuad Oktay.
The consumer price index rose 39.6 percent year on year and was roughly stable at 0.04 percent from the previous month, according to the institute.
Inflation exceeded 85 percent in the fall of 2022 before starting to decline in November.
Still, prices are rising every month, but it is happening at a slower pace than the previous year.
