Turkey sees 'serious improvement' in inflation levels

Turkish Treasury and Finance Minister Berat Albayrak said the government expects a “serious improvement” in levels of inflation in November and December.

The reduction in price increases will bring Turkey much closer to its inflation goals, Albayrak said in a speech on Tuesday, according to Dünya newspaper.

The government is preparing a strategic plan to deal with food price inflation in the medium to long term. It is also increasing policing of suppliers to prevent opportunism and hoarding, he said.

Turkey’s consumer price inflation accelerated to 25.2 percent in October, the highest level in 15 years. The inflation rate will probably be 24.5 percent in December, according to a monthly central bank survey of businessmen and economists published on Nov. 15.

The government is also pressing ahead with efforts to pare the budget deficit and expects to achieve a goal of 630.5 billion liras ($118 billion) in revenue from income tax this year, Albayrak said.

Turkey may also post a record current account surplus in October, he said.