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Oct 15 2018

Albayrak says Turkish inflation to slow this month

Turkish Treasury and Finance Minister Berat Albayrak said the country’s inflation will start slowing from this month.

The downward trend in price increases will continue in November and December, Albayrak said, according to news website T24.

“We will escape the shackles of inflation and interest rates step by step,” Albayrak the son-in-law of President Recep Tayyip Erdogan, told reporters in Istanbul, referring to the government’s anti-inflation program, in which companies across the country had pledged to cut prices.

Turkey’s consumer price inflation has surged to almost 25 percent and producer-price increases stand at 46 percent. Economists have called on the Turkish authorities to raise interest rates in response, but the government’s price-busting plan, announced by Albayrak last week, didn’t mention such measures.

Turkey’s lira reached a record low of more than 7.2 per dollar in August, spurring inflation. It has since strengthened to beyond 6 per dollar. The central bank is due to meet on interest rates on Oct. 25.

The lira will continue to strengthen against the dollar, Albayrak said.

Exports had surged at the start of October and there was a very high probability of a record number, he said.