Turkey’s headline inflation rate fell to 9.26 percent in September, the lowest level in nearly three years, according to the Turkish Statistics Institute (TurkStat).
“We have made a remarkable progress in the fight against inflation,” Finance and Treasury Minister Berat Albayrak commented on the latest inflation figures.
“This was a significant gain made after the currency attack in August. Our new target is to bring inflation down to 5 percent while preserving those gains. We will spread our achievements in the current account and inflation to all other fields in the economy,” Albayrak said on Twitter.
“We will work tirelessly and we will win at the end,” he added.
Under Turkey’s new economic program announced by the government on Sept. 30, the country’s inflation rate target is 12 percent this year, 8.5 percent next year, and 6 percent in 2021.
Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011, while it peaked at 25.24 percent in October 2018.
Foreign observers anticipate that the unexpected decrease in inflation rate will be followed by an aggressive rate cut from the central bank.
The post Turkey’s inflation falls to lowest level in nearly three years appeared first on Turkish Minute.
from Turkish Minute https://www.turkishminute.com/2019/10/03/turkeys-inflation-falls-to-lowest-level-in-nearly-three-years/
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