Minister Şimşek's assessment on 'inflation': 'The worst is behind us!'

Minister of Treasury and Finance Mehmet Şimşek evaluated the inflation figures for May.

Making a statement on the subject via the social media platform X, Şimşek stated that annual inflation would fall below 50 percent by the end of the third quarter.

Stating that they are determined to reach their target in his assessment, Şimşek continued as follows:

"The worst is behind us! We saw the highest level this month in annual inflation, which includes the cumulative effects of the past 12 months. The transition period in the fight against inflation is thus completed, and we are entering the disinflation process. A permanent decline in inflation will begin in June. Annual inflation will 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 in 12 months and 21.3 percent in 24 months. In the coming period, expectations will converge even closer to our targets. Our support for the disinflation process will continue to increase by strengthening fiscal discipline. Achieving price stability requires patience and time; we are determined to reach our goal."

The worst is behind us!

We saw the highest level this month in annual inflation, which includes the cumulative effects of the past 12 months. The transition period in the fight against inflation is thus completed, and we are entering the disinflation process.

A permanent decline in inflation will begin in June. Annual inflation… pic.twitter.com/oA2OPrMr87

— Mehmet Simsek (@memetsimsek) June 3, 2024

News Source: İHA