Treasury and Finance Minister Mehmet Şimşek: Inflation at its lowest level in 44 months

Treasury and Finance Minister Mehmet Şimşek made an assessment on his social media account following the release of inflation data. Şimşek evaluated the July inflation figures.

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Treasury and Finance Minister Mehmet Şimşek: Inflation at its lowest level in 44 months

Minister Şimşek evaluated the July inflation figures. Stating that annual inflation has declined to its lowest level in 44 months, Şimşek said they expect inflation to fall within the CBRT's forecast range by the end of the year.

Treasury and Finance Minister Mehmet Şimşek said, "The decline in inflation will increase predictability and contribute to further improvement in domestic financial conditions and the investment environment. We will continue to implement our program with determination to achieve our primary priority of permanent price stability."

Emphasizing that inflation is at its lowest level in 44 months, Şimşek stated, "While monthly inflation was 2.06 percent in July due to temporary and seasonal effects, annual inflation fell to 33.5 percent, a decrease of 28.3 points in the last 12 months."

Şimşek added, "Annual food inflation was 28 percent, and core goods inflation was 20.7 percent. Services inflation fell below 50 percent for the first time in over three years. The disinflation process is progressing in line with our targets," he stated.

Minister Şimşek included the following statements in his post on his social media account regarding the matter;

Inflation is at its lowest level in 44 months.

While monthly inflation was 2.06 percent in July due to temporary and seasonal effects, annual inflation fell to 33.5 percent, a decrease of 28.3 points in the last 12 months.

Annual food inflation was 28 percent, and core goods inflation was 20.7 percent. Services inflation fell below 50 percent for the first time in over three years.

The disinflation process is progressing in line with our targets. We anticipate that inflation will fall within the CBRT's forecast range by the end of the year.

The decline in inflation will increase predictability and contribute to further improvement in domestic financial conditions and the investment environment.

We will continue to implement our program with determination to achieve our primary priority of permanent price stability.

News Source: 12punto