'Downward trend in inflation will continue'

November figures show fall in inflation has started strongly, with success of government steps, says finance minister

'Downward trend in inflation will continue'

November’s improved inflation figures show the downward trend will continue, enabling Turkey to reach its year-end inflation target, the treasury and finance minister said on Monday.

"November figures showed the fall in inflation has started strongly and this downward trend will continue," Berat Albayrak said on Twitter.

His remarks came on the heels of the Turkish Statistical Institute's (TurkStat) announcement that Turkey's annual inflation rate fell to 21.62 percent in November, down 3.62 percentage points from October.

Albayrak added that the data also shows the success of government steps taken after September’s high inflation rate and the "all-out war" on inflation program unveiled in October. 

Under the country's new economic program announced on Sept. 20, the inflation target for this year is 20.8 percent, 15.9 percent for next year, 9.8 percent for 2020, and 6 percent for 2021.

Turkey's annual inflation was 24.52 percent in September, according to TurkStat. 

In October Albayrak announced a new set of measures to fight inflation and boost investor confidence. Under the program, Albayrak said there will be no increases in electricity and natural gas prices through the end of the year, and the government would help businesses prevent layoffs.

Albayrak said reducing and stabilizing inflation would be supported by a strong stance in monetary and financial policies. 

"In 2019, we will carry a step forward the structural moves that we have initiated to combat inflation with all of our ministries, especially with the support of strong coordination provided by the presidential system," he tweeted.