Skip to content Skip to Search
Skip navigation

Turkey says inflation will fall by second half 0f 2024

By Pramod Kumar
Turkey's overall unemployment rate stands at 8.5%, although for women it is 11.3% Reuters/Umit Bektas
The annual inflation rate reached 64.86 percent in January and increased 6.7 percent month on month

Turkey’s measures to curb inflation will prove effective and begin to decline in the second half of this year, Daily Sabah newspaper reported, citing treasury and finance minister Mehmet Şimşek’s speech at the Turkey-Saudi Arabia Investment and Business Forum in Istanbul.

“We will not do anything extraordinary to reduce inflation; conventional monetary policies will be implemented, and tightening monetary policies will work,” the minister added.

The annual inflation rate reached 64.86 percent in January and increased 6.7 percent month on month.

Şimşek said that the medium-term programme, launched in September 2023, intends to achieve price stability and single-digit inflation.

“By 2028, we will have achieved price stability; the journey has already begun,” he noted.

Latest articles

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Joby Aviation's CEO JoeBen Bevirt (2nd left) at the signing of a multilateral agreement with the three Abu Dhabi government departments

Abu Dhabi signs multiple deals to launch air taxi services in 2025

A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […]

Traffic on Fourth Street, Abu Dhabi. The Yahsat and Bayanat merger could help bring self-driving cars to the emirate

UAE merger creates world’s most valuable listed space company

The world’s most valuable publicly listed space company has been created after shareholders of analytics provider Bayanat and “satellite solutions” company Al Yah Satellite Communications Company (Yahsat) agreed to a merger. The deal will help to further Abu Dhabi’s ambitions to be at the centre of the drive towards autonomous vehicles. The newly created Space42 […]