Turkey to announce measures against inflation next week: FinMin
TURKEY ECONOMY

Turkey to announce measures against inflation next week: FinMin

Turkish inflation will converge toward government targets in the last quarter of the year, says Albayrak

News Service Reuters, AA

Turkey will announce measures to be taken in the fight against inflation next week, Finance Minister Berat Albayrak said on Wednesday, after data showed annual consumer price inflation jumped to nearly 25 percent in September.

Albayrak said discussions on steps to fight inflation would begin tomorrow. The minister added that Turkish inflation will converge toward government targets in the last quarter of the year.

"We left the worst behind, September was the worst month for inflation expectations," Albayrak said.

Albayrak said concrete results of measures taken by the government will be seen in October data and the worst is now behind Turkey in terms of inflation.

On Wednesday, TurkStat announced that Turkey's annual inflation reached 24.52 percent in September, up from 17.90 in August.

On a monthly basis, consumer prices rose by 6.30 percent in the month.

According to the country's new economic program announced on Sept. 20, the inflation target for this year is 20.8 percent, 15.9 percent for next year, 9.8 percent for 2020, and 6 percent for 2021.

He said the country has fended off speculative attacks carried out through exchange rates and liquidity issues in the banking sector.

"With the backing of measures we have applied, we see signals that we will proceed with more confident, concrete, and realistic steps," said Albayrak.

Albayrak said the figure was also driven by speculative pricing approaches in the country.

"As we mentioned in our new economic program, we will set a specific program of a total fight against inflation."

"We will start one-to-one sectoral and group-based dialogues and unveil the framework for it most likely next week," Albayrak said.

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