Downward trend in inflation will continue, says Mehmet Şimşek

ISTANBUL

There will be no reversal in Türkiye’s downward disinflation trend, Treasury and Finance Minister Mehmet Şimsek has said.

Speaking at an event on April 22, Simsek said inflation peaked at 85 percent in October 2022, before ending that year at 64 percent. He noted that inflation was kept at around 65 percent in 2023, while the disinflation process began in 2024, with inflation falling to 44 percent that year and further declining to around 31 percent last year and currently hovering at a similar level.

Simsek said recent developments could have a temporary impact on inflation for one or two months but emphasized that they would not alter the broader downward trajectory.

“Lowering inflation and maintaining that trend is an important achievement for Türkiye,” he said.

Addressing calls to ease the fight against inflation, Simsek warned against what he described as short-sighted thinking. “There are views suggesting that ‘we have fought inflation enough, let’s stop here.’ This is a very myopic approach,” he said.

Simsek also urged a broader assessment of current economic policies, saying it was important to consider where inflation might have headed without the current program.

“We need to ask the question, ‘Where would inflation have gone without this program?’ And think seriously about the answer,” he said.