Turkey to achieve below 2019-end 12% inflation target

Turkish treasury and finance minister stresses fight against inflation

Turkey will end out the year by beating its 12% inflation target, said Turkey’s treasury and finance minister said on Tuesday.

Noting today’s release of November inflation figures, Berat Albayrak said on Twitter that the recovery in Turkey’s outlook continues.

Turkey saw a 10.56% annual hike in consumer prices in November, the Turkish Statistical Institute (TurkStat) announced.

The figure was in line with government projections, Albayrak stressed.

Turkey’s inflation rate is expected to hit 12% this year, as laid out in the new economic program for 2020-2022 announced by the government this September.

“The stabilization of the exchange rate during the balancing period, rise in food supply, and fall in imports maintain the positive outlook in inflation,” Albayrak said.

He added that pressure on consumer prices due to the producer price index fell considerably.

“Since the beginning of the year, inflation has fallen by almost 10 percentage points. We will maintain our strong stance in the fight against inflation,” he said.

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