All policy instruments used to fight inflation: Minister


SAKARYA

All economic policy instruments will be used in the most effective way in the fight against inflation, Treasury and Finance Minister Nureddin Nebati said.

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“We will defeat inflation permanently,” Nebati said, speaking at the 2022 Uludağ Economy Summit in the northeastern province of Sakarya on October 7.

The Minister noted that the inflation rate averaged 73% between 1994 and 2002.

“Since 2002, the average inflation rate has been 13%. We have managed to control inflation over the past 20 years. We will work to prevent inflation from remaining elevated and through a smooth transition and due to the base effect in December, inflation will decline to this average level,” Nebati said.

Consumer prices rose 3.1% in September compared to August. The annual inflation rate, therefore, accelerated from 80.2% in August to 83.45% last month.

In its latest medium-term programme, the government expects inflation to fall from around 65% at the end of 2022 to 24.9% next year. The government expects inflation to decline further to 13.8% in 2024 and to 9.9% by the end of 2025.

The government’s priority is production and job creation, recalled the Minister.

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Turkey’s economy, which recorded high growth rates, has decoupled from the rest of the world’s shrinking economies, Nebati said.

“We are determined to make our past success a permanent story in Turkey’s century by placing price stability at the center of our economic policies,” he added.

For a stronger Turkey, resources will be channeled into investments that will contribute to the country’s growth potential without undermining fiscal discipline, Nebati said.

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