Vice President Cevdet Yılmaz evaluated the inflation figures announced today.
Stating that the positive course of food inflation contributed significantly to the improvement in inflation, Yılmaz’s evaluation is as follows;
“As we carry out our fight against inflation with our determined, holistic and coordinated policies, we further strengthen the gains we have achieved in the disinflation process. While consumer inflation was 1.84 percent in September, annual inflation decreased to 29.73 percent.
Thus, despite the pressures created by external developments in the third quarter of the year, the downward trend in inflation accelerated and after a period of approximately 5 years, annual inflation fell below 30 percent, in line with the framework set out in the Medium Term Program. The positive course of food inflation contributed significantly to this improvement. Especially with the effect of the decrease in fresh fruit and vegetable prices, annual food inflation decreased by 6.2 points compared to the previous month and fell to 27.6 percent.
In the core goods group, annual inflation remained flat at 15.9 percent. In the services group, service inflation decreased to 37.7 percent on an annual basis due to the moderate increase in monthly inflation in transportation and communication services; The continuing improvement in the annual rent inflation outlook also supports the disinflation process in the service item. We closely monitor the effects of developments in our region and on a global scale that may be reflected in domestic prices through energy and commodity costs.
We continue to implement our monetary, fiscal and income policies in strong coordination in order to limit the transmission of these developments to domestic prices and to increase the resilience of our economy against external shocks. Our main goal in the coming period is to continue the disinflation process uninterruptedly and permanently establish price stability by strengthening the decline in the main trend of inflation.
We aim to reduce inflation to single-digit levels again by anchoring inflation expectations in line with our targets and with the gains we will obtain from our supply-side policies. In this direction, while improving efficiency and production planning in agricultural production, we continue our steps with determination to increase our energy supply security, strengthen housing supply and reduce logistics costs.
We expect the downward trend in inflation to become evident with the weakening of the impact of supply-side shocks and the support of the coordinated policies we implement. “By strengthening price stability, we aim to increase predictability in our economy, support sustainable growth and ensure that the prosperity created by growth is permanently reflected in the living standards of our citizens.”
