In a statement, Minister Şimşek said that the annual inflation rate for July reached 47.8%, in line with market expectations. He attributed the high inflation rate to fiscal measures, exchange rate movements, and wage increases.

However, Minister Şimşek expressed confidence that the positive impact of the current monetary policy stance will gradually lead to a decrease in annual inflation, starting from the middle of 2024. To support the disinflation process, the government is committed to maintaining fiscal discipline.

The central objective of the government's policies is to achieve a sustained reduction in inflation to single digits in the medium term. This approach reflects the administration's dedication to promoting economic stability and fostering an environment of sustainable growth. (ILKHA)

https://ilkha.com/english/economy/turkish-inflation-hits-4783-yuzde-in-july-342804