Treasury and Finance Minister Mehmet Şimşek, regarding the inflation data announced by the Turkish Statistical Institute (TurkStat), said, “The worst is behind us. We saw the highest level of annual inflation this month, which includes the cumulative effects of the past 12 months. The transition period in the fight against inflation is thus completed, we are entering the disinflation process. The permanent decline in inflation will start in June.”
In a statement made on his social media account, Minister Şimşek evaluated the May inflation data announced by TURKSTAT. Şimşek said, “The worst is behind us. We saw the highest level of annual inflation this month, which includes the cumulative effects of the past 12 months. The transition period in the fight against inflation is thus completed, we are entering the disinflation process. The permanent decline in inflation will start in June. Annual inflation will most likely fall below 50 percent by the end of the third quarter. The market, which anticipates disinflation, expects annual inflation to be 33.2 percent after 12 months and 21.3 percent after 24 months. Expectations will converge even closer to our targets in the period ahead. We will continue to support the disinflation process by strengthening fiscal discipline. Achieving price stability requires patience and time, we are determined to reach our target.”
