Sun. Jun 16th, 2024

Finance Minister Mehmet Şimşek: “The Worst is Over”

By Haberyaz Jun3,2024

Finance Minister Mehmet Şimşek: “The Worst is Over”

Finance Minister Mehmet Şimşek announced that the annual inflation rate reached its highest level this month. Şimşek stated that this period, which encompasses the cumulative effects of the past 12 months, marks the completion of the transitional phase in the fight against inflation, and that the economy is now entering a period of disinflation.

In his statement, Şimşek mentioned that a permanent decrease in inflation will begin in June. He projected that the annual inflation rate will likely drop below 50% by the end of the third quarter. According to market expectations, the annual inflation rate is predicted to be 33.2% in 12 months and 21.3% in 24 months.

Şimşek emphasized that the support for the disinflation process, bolstered by strengthened fiscal discipline, will continue to increase. He noted that achieving price stability requires patience and time and asserted their determination to reach this goal.

Source: Ministry of Finance

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