Inflation assessment from Cevdet Yılmaz

Vice President Cevdet Yılmaz evaluated the October inflation data from the X account.

Stating that they continue their determined and holistic policy approach in the fight against inflation, which is the main priority of the economic program, Yılmaz said, "Consumer inflation was realized at 2.58 percent in October, and annual inflation remained flat at 29.77 percent. The rise in global energy prices under the influence of geopolitical developments continues to put pressure on domestic prices through production and logistics costs.

“Annual services inflation continued its decline”

While annual inflation in the food group remained flat at 27.7 percent due to the rise in fresh fruit and vegetable prices, annual inflation in the core goods group was realized at 16.7 percent with the effect of rising clothing and shoe prices due to the transition to the new season. "While the improvement in rent inflation continued in the services group, annual service inflation also continued its decline."

“We focus on limiting the effects of external fluctuations on the economy”

Stating that they carry out the fight against inflation within the framework of a multifaceted policy, taking into account the pressures that global and regional developments may put on prices, as well as the effects of these uncertainties on economic activity and inflation expectations, Yılmaz said: “We focus on limiting the effects of external fluctuations on our economy and supporting macroeconomic stability by strengthening the coordination between monetary, fiscal and income policies.

In this context, we complement our policies for price stability with structural steps that increase production capacity, improve supply conditions and reduce cost pressures. We aim to create a stronger production and supply structure that will support price stability, especially by improving planning and efficiency in agricultural production, diversifying energy supply, increasing housing supply and improving logistics infrastructure.

"In line with our goal of reducing inflation to single-digit levels again, we aim to permanently reflect the gains we will achieve with our policies that increase predictability in our economy and strengthen the foundations of sustainable growth," he said.