Erdogan: Turkey Will Reduce Inflation to a Single Digit

Turkish President Recep Tayyip Erdogan stated today, in a video message on the occasion of Eid al-Adha, that "the Turkish economic program is yielding results in terms of production, employment, and exports." He added, "Turkey will achieve good outcomes regarding inflation starting from the second half of the year," noting that inflation will definitely fall below ten percent. Inflation in Turkey recorded 75.45 percent year-on-year in May, up from 69.80 percent in April, due to increased expenses in education, housing, and restaurants. Expectations suggest that "inflation has peaked and will begin to decline, due to a series of interest rate hikes and the relative stabilization of the lira."