Turkey’s inflation falls to lowest level in nearly 3 years

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Turkish Treasury and Finance Minister Berat Albayrak wipes his face as he speaks during a presentation to announce his economic policy in Istanbul, on August 10, 2018. / AFP PHOTO / Yasin AKGUL

Turkey’s headline inflation rate fell to 9.26 percent in September, the lowest level in nearly three years, according to the Turkish Statistics Institute (TurkStat).

“We have made remarkable progress in the fight against inflation,” Finance and Treasury Minister Berat Albayrak commented on the latest inflation figures.

“This was a significant gain after the currency attack in August. Our new target is to bring inflation down to 5 percent while preserving those gains. We will expand our achievements in the current account and inflation to all other fields of the economy,” Albayrak tweeted.

“We will work tirelessly, and we will win in the end,” he added.

Under Turkey’s new economic program announced by the government on Sept. 30, the country’s inflation target is 12 percent this year, 8.5 percent next year and 6 percent in 2021.

Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011, while it peaked at 25.24 percent in October 2018.

Foreign observers anticipate that the unexpected decrease in inflation will be followed by an aggressive rate cut from the central bank.

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