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Turkey says inflation will fall by second half 0f 2024

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.

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