Erdoğan vows finance management with international reputation

President Recep Tayyip Erdoğan has vowed to fight inflation and to establish a finance management team with global reputation.

"Eliminating the problems caused by the rise of prices and compensate for welfare losses are the most urgent issues in the days ahead," Erdoğan said in a speech he delivered in Ankara after winning the second round of the presidential election.

Mortgage borrowers mostly go for fixed rate

Almost eight out of 10 borrowers (78%) who purchased a home with a loan in 2022 chose a fixed interest rate of at least five years.

The percentage among those who chose a long-term interest rate - i.e. more than 10 years - was also high, at 63%, opting for the long-term commitment to the uncertainty created by the persistence of inflation.

Consumption of milk is in further decline this year

The soaring retail prices of milk have led to a further decline in the consumption of the commodity this year, by 5.3% in sales volume terms in the year to April, following the drop registered for the first time in 2022.

Inflation has forced consumers to cut down even on basic food items, also switching away from branded products toward supermarkets' private label offerings.