Apr 17 2019

Turkey’s Erdoğan vows more steps to combat inflation

Turkish President Recep Tayyip Erdoğan said the government will take more measures to combat inflation, Sabah newspaper reported.

The steps will include changes to laws on the retail industry to help curb price increases for consumers, Erdoğan said at a two-hour meeting that he chaired on European Union affairs at the presidential palace in Ankara on Tuesday, according to Sabah.

“It is important that we ensure price stability,” Erdoğan said. “We are getting complaints from our citizens. I have ordered that we put a stop to these expensive sales. We are determined.”

Inflation in Turkey has surged over the past year after concern about an overheating economy and a political crisis with the United States prompted Turks and investors to sell the lira. The currency dropped 28 percent in 2018 and has weakened a further 8 percent this year. Inflation edged up to 19.7 percent in March.

Erdoğan also pledged to secure changes to laws governing compensation for sacked workers and to tackle unemployment. Businessmen have pledged to begin a campaign focusing on hiring new workers and the government will keep them to it, he said.