In a social media post, Şimşek highlighted the recent downward trend in annual inflation, which has fallen by 23.5 points in the past three months to 52%.

The minister attributed this decline to a combination of factors, including strengthening financial stability, economic rebalancing, and improved expectations.

He also noted that monthly inflation in August was 2.5%, and 1.4% when excluding administered prices. Notably, food inflation turned negative for the first time in four years.

Şimşek predicted that the underlying trend of monthly inflation would continue to decrease in the last quarter of the year, leading to a realization of inflation within the forecasted range by the end of 2024.

He encouraged the private sector to focus on productivity, innovation, and high value-added production while improving cost and inventory management in this environment of falling inflation. (ILKHA)