"We hope that inflation, which has been declining rapidly since the beginning of the year, will fall below 30% by the end of the year. Our aim is to return our country to single-digit inflation rates in 2024," Erdogan said in his address to the nation after a cabinet meeting.
On December 5, the Turkish Statistical Institute said that the annual inflation in Turkey slowed down in November for the first time in 1.5 years, dropping to 84.39% from 85.51% in October. Turkey's consumer price index increased by 2.88% in November, according to statistics.
Turkey has been facing anemic economic growth since 2021, with consumer inflation skyrocketing and the Turkish lira experiencing unprecedented volatility. The central bank kept the rate unchanged at 14% for a long time this year, which resulted in a weakening of the national currency, lira.