Vice President Cevdet Yılmaz evaluated the March inflation figures announced today.
Cevdet Yılmaz stated that despite the high increase in the transportation item due to the effect of the war, there was a slowdown in the rate of increase in inflation.
Cevdet Yılmaz’s evaluation is as follows;
“We continue to progress with our determined and holistic policies in the fight against inflation, which is the main priority of our economic program. Inflation in March was 1.94 percent, and annual inflation decreased to 30.87 percent.
While the positive effects of the weakening of price increases in fresh fruits and vegetables and processed food items on food prices are observed in monthly inflation developments, the improvement in annual core goods inflation continues. Transportation prices increased monthly due to the increase in energy prices resulting from the supply shock caused by the war.
Despite the increase in transportation service prices in March, the rate of increase in monthly services inflation slowed down compared to the previous month due to the improvement in other sub-items. In this period when the global economy is going through a difficult period with increasing geopolitical tensions and regional conflicts, war-related increases in energy prices pose upward risks on the global inflation outlook. We continue to take the necessary measures in strong coordination with all our relevant institutions in order to limit the possible effects of the developments in our region on our economy. In this context, in order to reduce the impact of oil price volatility on domestic prices, the ecel mobile system was temporarily put into operation and a significant part of the increases in fuel prices were limited through the budget channel.
Our economy maintains its resistance against external shocks with the trust in our economy, our solid institutional infrastructure, our strong economic program and structural reforms. We will continue to balance the direct and indirect effects of geopolitical developments on our economy, thanks to our monetary, fiscal and income policies that we carry out with a holistic approach. “On the other hand, we will continue to support our fight against inflation with the supply-side steps we take in the fields of social housing, food supply, logistics and renewable energy.”
