Macroeconomics

Establishing price stability remains the top priority for the government, read a statement released after a meeting of the Economy Coordination board, adding that members of the board also discussed details of the key medium-term program to be announced later this year.

The Labor Ministry is bringing significant changes to the digital work card, as well as providing incentives to speed up its use by businesses.

Its objectives remain the containment of undeclared labor and transparency in terms of employment, but ways are being sought to limit the bureaucratic hurdles that often make it difficult to properly implement the measure.

BELGRADE - The IMF Executive Board has decided that a first review under a stand-by arrangement with Serbia was successful, and Serbian Finance Minister Sinisa Mali said on Thursday the decision was another confirmation of the appropriateness of Serbia's economic policy and structural and institutional reforms.

Fears that the British economy is heading for recession mounted sharply after the Bank of England raised borrowing costs by more than anticipated.

The Bank of England on June 22 decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5 percent.

Japan's consumer prices rose 3.2 percent year-on-year in May, slowing from 3.4 percent in April, government data showed on June 23.

The figure, which excludes volatile fresh food prices, beat market expectations and was higher than the 3.1 percent recorded in March.

Inflation is, of course, not only a Greek problem or just an imported problem. It's also not like a storm that can't be dealt with and you just wait for it to pass. Nor, again, is it a neutral phenomenon: It redistributes wealth. As long as consumption holds up, producers and retailers raise prices and profits. Are we experiencing greedflation?

Inflation expectations for the end of 2023 increased from 37.12 percent in May to 38.55 percent in June, the Central Bank's Survey of Market Participants showed on June 16.

The 12-month ahead expectations also rose from 29.8 percent to 30.65 percent.

The government is considering revising the medium-term program in September, Vice President Cevdet Yılmaz has said.

The revised program will provide a framework for fiscal and monetary policies and include structural reforms, Yılmaz said in an interview with private broadcaster CNN Türk.

U.S. consumer prices barely rose in May and the annual increase in inflation was the smallest in more than two years, though underlying price pressures remained strong.

A commission is set to hold its first meeting later this week to discuss a hike in minimum wages for millions of workers.

Representatives from the government, labor union Türk-İş and the Turkish Confederation of Employers' Association (TİSK) will gather on June 13 at the Labor Ministry.