First statement from Mehmet Şimşek following inflation data

The Turkish Statistical Institute (TÜİK) has announced the inflation data for September. In September, inflation increased by 3.23 percent on a monthly basis, while annual inflation was recorded at 33.29 percent. As this high rate exceeded experts' expectations, a statement came from Minister of Treasury and Finance Mehmet Şimşek.

In his statement, Minister Şimşek attributed the high inflation observed in September particularly to food prices. Şimşek noted that factors such as agricultural frost and drought contributed significantly to the increase in food prices.

The full text of Minister Şimşek's post is as follows:

Food prices were the determining factor in the high monthly inflation realized in September.

Food inflation caused by agricultural frost and drought was 3 points above the long-term September average and contributed 1 point to monthly inflation.

In September, when schools started, the education group and other related items contributed approximately 0.7 points to monthly inflation.

The main trend of inflation points to the continuation of disinflation.

With the reduction of seasonal effects and the supply-side policies we are implementing, we will ensure the continuation of disinflation, which is our program priority.

News Source: 12punto