Cevdet Yılmaz evaluates inflation figures

Vice President Cevdet Yılmaz evaluated the inflation data for the December 2024 period on his social media account.

Arguing that they continue to establish the disinflation process as a result of the confidence in the program, Yılmaz reminded that the monthly increase in consumer prices was 1.03 percent in December.

Yılmaz stated, "Since June 2024, when we started the disinflation process, the decline in annual inflation has reached 31.1 points. The improvement in services inflation, where backward-looking pricing is high, has become evident in the last quarter. The decline in the main trend of inflation continued in December."

As a result of the confidence in our program, we continue to establish the disinflation process.

The monthly increase in consumer prices was 1.03 percent in December. Thanks to the policies we have implemented, the 2024 year-end inflation has decreased by 20.4 points compared to last year…

— Cevdet Yılmaz (@_cevdetyilmaz) January 3, 2025

STATEMENT ON SINGLE-DIGIT LEVELS

Yılmaz stated, "The monthly increase in domestic producer prices was 0.4 percent in December, and the annual inflation of producer prices has decreased by 29.2 points since the period we started the disinflation process and by 15.7 points compared to last year, falling to 28.5 percent at the end of 2024."

Emphasizing that the moderate course in domestic producer prices continues to alleviate cost-side pressure on consumer prices and significantly weaken price increases in core goods, Yılmaz noted the following:

"In the disinflation process where we aim for rebalancing in domestic demand, demand conditions have reached levels that support the decline in inflation. The course of inflation expectations is important in terms of the speed of disinflation. With the policies we will implement in the coming period, we will accelerate the improvement in inflation expectations and further strengthen the disinflation process. We are determinedly continuing our economic program, which we implement to advance social welfare, increase predictability in the economy, and achieve a fairer and more effective distribution of resources. With the positive effects of our transparent and predictable policy steps that ensure strong coordination between monetary and fiscal policies, we aim to reduce inflation to single-digit levels during the program period and ensure it stabilizes at these levels. In an environment where inflation falls and stability is consolidated, our main goal is to ensure inclusive growth and permanent social welfare."

News Source: AA