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Inflation and tax reductions hit Turkey

4th January 2019

Inflation and tax reductions hit Turkey

 

Tax reductions and private sector campaigns have allowed a reduction in consumer prices.  With a 0.4% decrease over 2 months, this trend looks set to continue.

In December consumer prices fell to 20.3% showing a 0.4% decrease from 21.62% in November the Turkish Statistical Institute (TurkStat) reported.  Inflation dropped for the second month in a row as expected by the Turkish government.  Berat Albayrak the Treasury and Finance Minister quoted that the inflation data emphasized that the target for consumer prices was achieved in 2019.

"In September, we set the year-end inflation target at 20.8 percent and the figure came at 20.3 percent. This is a very outstanding performance," Minister Albayrak said yesterday.

Turkey’s New Economy Program (NEP) announced on 20th September by Albayrak, that  the country’s inflation rate target for 2018 was 20.8%.  The target for 2019 is 15.9% and 9.8% for 2020, dropping to 6% for 2021.  Inflation did surge to 25.24% in October.

Minister Albayrak said that Turkey will show a stronger performance in the 2019 budget in terms of expenses and revenue. The Turkish government brought nearly 6.5 tons of gold to the country's economy with issuances of gold-backed bonds, the minister noted.

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