Disinflation

The positive results of the economic program the government is implementing are reflected in inflation expectations, Finance Minister Mehmet Şimşek said.

The inflation expectations for the end of 2024 declined from 44 percent in April to 43.64 percent in May, the Central Bank's Survey of Market Participants showed on May 17.

Türkiye has a credible, robust program to bring inflation down, Finance Minister Mehmet Şimşek said, stressing that the monetary policy course correction "is largely done."

Vice President Cevdet Yılmaz and Finance Minister Mehmet Şimşek have unveiled savings measures package aimed at increasing efficiency in the public sector.

The measures have three main pillars: Public savings, discipline in the budget spending and efficiency in public investments, Şimşek said at a press conference in Ankara.

Türkiye's annual inflation will begin to decline sharply "in line with our predictions" after it reaches peak in May, Finance Minister Mehmet Şimşek has said.

His remarks came after the data from the Turkish Statistical Institute (TÜİK) showed on May 3 that the annual inflation rate accelerated from 68.5 percent in March to 69.8 percent in April.

Türkiye's annual inflation rate accelerated from 68.5 percent in March to 69.8 percent in April, the data from the Turkish Statistical Institute (TÜİK) showed on May 3.

Consumer prices, which rose 3.16 percent in March, advanced 3.18 percent month-on-month in April.

Fatih Karahan, governor of the Central Bank of Türkiye (CBRT), has stated that as a team they are closely monitoring monthly price developments.

The medium-term economic program is working and yielding the desired results, Finance Minister Mehmet Şimşek has said, vowing to further strengthen the program. 

"We are determined to resolve Türkiye's macroeconomic problems," Şimşek said in a speech he delivered at the Uludağ Economy Summit.

As widely expected, Türkiye's Central Bank has kept its policy rate — the one-week repo auction rate — on hold at 50 percent.

A declines in price hikes in food and energy, but increases in all other items – Northern European countries experienced minimal inflation or even deflation

Finance Minister Mehmet Şimşek said on April 3 that the decline in monthly inflation will continue after the numbers for March were announced.