Turkish gov’t expects gradual decrease in inflation rate

Economy 11:00 28.01.2023

The government predicts a gradual descent instead of a hard break in the fight against inflation, Treasury and Finance Minister Nureddin Nebati has said, adding that inflation-related parameters have turned positive, Daily News reports.

“If we act with very traditional policies in the fight against inflation and apply the brakes very hard, we will prevent the increase in exports, production, investment and employment that we are proud of,” Nebati said in an interview.

“Costs began to fall. There is also a decrease in commodity prices, especially in food,” he added.

“Despite the winter months, unemployment remains at the same level,” Nebati noted.

“This is possible thanks to our policies. A reverse policy would result in unemployment rising to 13-14 percent. A people-oriented management does not allow this.”

A period in which all inflation-related parameters have turned in a positive direction, said the minister.

“The exchange rate is stable, in line with Türkiye’s macroeconomic realities,” Nebati added.

“We no longer import high inflation from abroad. Costs began to fall. There is a decrease in commodity prices, especially in food. Container prices had risen to $15,000-$18,000 and went down again. Oil prices have been in the $85-$90 range for a long time. Natural gas prices have dropped to $700. All this eased the inflation pressure on Türkiye.”

The decrease in the inflation rate in December has led to a public expectation that the inflation will not affect lives as much as it did last year, Nebati said.

“Now, when a citizen goes to the market, the excessive volatility in prices will bother him. He will object and ask: ‘My brother, there is no inflation, why are you increasing the prices?”

Nebati recalled that major supermarket chains have pledged to keep the prices of many items stable for a month, while having a discount on many other items.

“Discounts started in the clothing and footwear industry. We are waiting for the continuation of the discounts,” the minister added.

“But when making the discounts, it should not be done in a way that will suffocate your suppliers and manufacturers, but with the urge that everyone will take responsibility and want to contribute to this country.”

Nebati also said that the government’s plan to have a tax amnesty should be the last of its kind.

“We should not offend those who pay their taxes and debts on time, we should not break the habit of paying,” he said.

“But we have our reasons: 2020 was the pandemic period. While 2021 was to be the year of recovery, the war broke out in 2022 and high inflation came. Whatever the Republic of Türkiye has to do, this is the last point.”

Euronews broadcast interview with President Ilham Aliyev - VIDEO

News line

Antonov: US 'shaking' due to Russia's success in war
14:00 22.06.2024
At least 25 Palestinians killed in strike near Red Cross office in Gaza
13:25 22.06.2024
German Economy Minister Habeck visits China
German Economy Minister Habeck visits China
13:00 22.06.2024
President: Azerbaijan is attractive for investors in both fossil fuels and renewables
12:46 22.06.2024
Taiwan detects 41 Chinese aircraft around island
12:26 22.06.2024
US Olympic gold medalist Gil Roberts gets 8-year doping suspension
US Olympic gold medalist Gil Roberts gets 8-year doping suspension
12:00 22.06.2024
Baku Energy Forum focuses on AI, economic growth, and clean energy transition - COVERAGE
11:39 22.06.2024
Ambassador: Pakistan ready to join North-South International Transport Corridor
11:25 22.06.2024
Euronews broadcast interview with President Ilham Aliyev - VIDEO
11:00 22.06.2024
Azerbaijani Army positions in Kalbajar subjected to fire
10:42 22.06.2024
Putin vows to strengthen Russia's nuclear triad as global deterrent
10:00 22.06.2024
EU set to sign security pact with Ukraine in June
09:44 22.06.2024
Apple reportedly delays AI features rollout in EU
Apple reportedly delays AI features rollout in EU
09:24 22.06.2024
Iran: Hezbollah can defend itself, Lebanon against Israel
09:00 22.06.2024
Austria defeats Poland 3-1 in Euro 2024 group stage
23:00 21.06.2024
Israel's Health Ministry warns of West Nile fever outbreak
Israel's Health Ministry warns of West Nile fever outbreak
22:19 21.06.2024
Germany arrests Russian, Ukrainian, and Armenian nationals on suspicion of espionage
21:10 21.06.2024
Azerbaijan's Foreign Minister Bayramov bids farewell to Kyrgyz envoy
20:15 21.06.2024
Russia open to talks with US if Ukraine issue included
19:52 21.06.2024
EU confirms starting talks with Ukraine, Moldova next week
19:24 21.06.2024
Number of landmine victims in Azerbaijan exceeds 360, Baku says
Number of landmine victims in Azerbaijan exceeds 360, Baku says
19:00 21.06.2024
Death toll in Turkish wildfire rises to 8
Death toll in Turkish wildfire rises to 8
18:43 21.06.2024
Israel MFA summons Armenian ambassador amid Palestine recognition
18:25 21.06.2024
Azerbaijan prohibits cousin marriage
18:05 21.06.2024
EU mulls suspension of high-level visits to Georgia
17:49 21.06.2024
London to host 2nd COP29-IEA High-Level Dialogue
17:16 21.06.2024
Yerevan police confiscates car serving seperatist Samvel Shahramanyan - VIDEO
16:59 21.06.2024
Miraculous Indonesia and Associated Policies for Pakistan - ANALYSIS
16:00 21.06.2024
Azerbaijan determines punishments for forcing early marriage
15:42 21.06.2024
US Embassy expressed its condolences to family of deceased ANAMA employee
15:25 21.06.2024
Azerbaijan handed over remains of 2 Armenian soldiers to other side
15:00 21.06.2024
Football legend Roberto Baggio Injured in Armed Robbery
Football legend Roberto Baggio Injured in Armed Robbery
14:22 21.06.2024
President Ilham Aliyev and First Lady Mehriban Aliyeva attend opening of new building of Institute of Botany in Baku
14:11 21.06.2024
Lavrov: Putin's initiative marks Russia's fourth proposal for Ukraine settlement
12:49 21.06.2024
Azerbaijan's strategic currency reserves near $70B
Azerbaijan's strategic currency reserves near $70B
12:09 21.06.2024
Armenia recognizes the State of Palestine
Armenia recognizes the State of Palestine
11:55 21.06.2024
BREAKING NEWS: Ammunition explosion in Azerbaijan's Jabrayil kills ANAMA employee
11:42 21.06.2024
Election Headquarters of Iranian Presidential Candidate Set on Fire - VIDEO
Election Headquarters of Iranian Presidential Candidate Set on Fire - VIDEO
11:30 21.06.2024
Iran MFA Summons Italian Ambassador
11:22 21.06.2024
Azerbaijani Parliament Adds Early Elections Proposal to Agenda
11:02 21.06.2024
Hamısı