Vice President Yilmaz: We continue our struggle

Vice President Cevdet Yılmaz commented on the July inflation data and said, “We continue our struggle.”

Vice President Yilmaz’s statement is as follows:

We continue to fight inflation, which we see as our main economic and social priority. The disinflation process that started in June continues unabated, with the annual inflation rate in July approaching 60 percent. We estimate that the annual consumer inflation rate will fall to the low 50 percent level in August and below 50 percent in September. In July, monthly consumer inflation was 3.23 percent, higher than the previous month, as a result of price and tax adjustments in certain items. Despite this temporary development in monthly inflation due to periodic price increases in the energy, alcohol and tobacco group, annual inflation decreased significantly by approximately 10 points compared to the previous month, falling to 61.8 percent. While the monthly increase in core inflation indicators (B and C), which reflect the main trend of inflation in July, was relatively limited at approximately 2.5 percent, the price increase in the core goods group was more moderate compared to other groups due to the slowdown in domestic demand. On an annual basis, the significant declines of approximately 10 points in core inflation indicators continued. While fighting inflation, we also consider all other balances in the economy. In addition to sustainable and balanced growth, employment and export growth, decreasing current account deficit and tight public finance policy, we aim to further increase predictability in the economy by accelerating structural reforms. Our goal is to bring our country back to single-digit inflation in 2026. We will continue to implement our program with determination in order to strengthen the resistance of our economy against global developments and permanently increase social welfare by minimizing the increase in general price levels.