Erdoğan: The Latest Inflation Data Strengthens Our Resolve to Combat It

Turkish President Recep Tayyip Erdoğan confirmed on Tuesday that Ankara is determined to resolve issues related to the rising cost of living, adding that recent data strengthens the government's determination to combat inflation. In his remarks following the first Cabinet meeting after his election, Erdoğan noted that the annual inflation rate decreased to below 40 percent in May, stating, "The government will reduce it to below ten percent." Inflation in Turkey reached record highs in 2021 due to a currency crisis, prompting Erdoğan to adopt unconventional policies to combat it. The appointment of Mehmet Şimşek as Minister of Finance marked a stepping stone towards a return to traditional policies.