Updated: Jul 16
In May, consumer prices increased by 73.5 percent every year.
According to the Milliyet daily on Monday, the Turkish government aims to reduce the country's alarming inflation rate to just under 50% by the end of the year.
The publication cited Minister of Treasury and Finance Nureddin Nebati as saying that ensuring "a permanent fall in inflation rates" is one of the government's "most significant aims." By the end of this year, Nebati continued, Ankara wanted the inflation rate to fall to between 48 and 49 percent.
According to data from the nation's statistics department, inflation in Turkey increased by 73.5 percent year over year in the past month. As the country struggles with rising consumer product and energy expenses, food prices increased by 91.6%.
Nebat claimed that the government's projected inflation rate for the end of 2023 was 19.9 percent and that the Central Bank intended to maintain its interest rate at that level.
Contrary to what most economists believe, President Recep Tayyip Erdogan has frequently opposed raising interest rates, stating that doing so creates inflation. The key interest rate remains remained at 14 percent by the central bank.
One of the worst-performing currencies in the world, the Lira, lost 44% of its value in the previous year.