First message from Minister Şimşek after inflation data release: He gave a date!

The Turkish Statistical Institute (TURKSTAT) announced April inflation at 3.18 percent.

Minister of Treasury and Finance Mehmet Şimşek made a statement on X following the inflation data.

Şimşek stated that inflation will reach its peak in May and will then enter a downward trend.

Minister Şimşek's post is as follows:

"In April, inflation came in at 3.18 percent, in line with expectations. Thanks to our program, the rebalancing in the economy, the narrowing current account deficit, the restored fiscal discipline, the strong increase in international capital inflows, and the shift of domestic portfolio preferences toward the TL are supporting the fight against inflation. After reaching its peak in May, annual inflation will begin to fall sharply in line with our projections. Thus, the transition period in the fight against inflation will end, and we will enter the disinflation process. With disinflation, the improvement in expectations will become even more pronounced, which will support the decline in inflation."

GAP BETWEEN TURKSTAT AND ENAG

While TURKSTAT announced the April inflation rate as 3.18 percent in the data released today, ENAG announced it as 5.02 percent.

In April, inflation came in at 3.18 percent, in line with expectations.

Thanks to our program, the rebalancing in the economy, the narrowing current account deficit, the restored fiscal discipline, the strong increase in international capital inflows, and the shift of domestic portfolio preferences toward the TL,…

— Mehmet Simsek (@memetsimsek) May 3, 2024