Vice President Yılmaz: Our determined fight against inflation will continue using all available tools

Vice President Cevdet Yılmaz evaluated the 2023 inflation data announced by TUIK. Stating that the CPI increased by 2.93 percent in December and 64.77 percent on an annual basis, Yılmaz said, "Our determined fight against inflation, for which we expect a significant decline on an annual basis by the middle of 2024, will continue using all available tools."

Yılmaz pointed out that thanks to the determined continuation of the fight against inflation, they managed to remain below the year-end forecast in the Medium-Term Program. Emphasizing that the decline in monthly inflation has continued since July thanks to the monetary and fiscal policies implemented, Yılmaz noted the following:

"The change in CPI has decreased from 9.49 percent in July to 2.93 percent in December, and the increase in the C index, which is used to track core inflation, has fallen from 9.61 percent in July to 2.31 percent in December. While the average of the monthly inflation rates announced for 2022 was approximately 4.26 percent, the average of the monthly inflation rates announced in the last four months is approximately 3.60 percent.

Domestic producer inflation was 1.14 percent in December 2023 compared to the previous month, and 44.22 percent compared to the same month of the previous year. On an annual basis, domestic producer inflation is following a horizontal trend well below the CPI. Our determined fight against inflation, for which we expect a significant decline on an annual basis by the middle of 2024, will continue using all available tools."