31.10.2025 13:25
The Minister of Treasury and Finance, Mehmet Şimşek, made noteworthy statements ahead of the inflation figures for October, which will be announced on Monday. Minister Şimşek said, "The impact of agricultural frost and drought on the rapid increase in food prices is very high; in August and September, inflation was three times the 20-year averages. If there is no drought next year, there will be a rapid decline due to the base effect."
The inflation data announced by the Turkish Statistical Institute (TÜİK) on the first business day of each month has been set for October. Accordingly, the inflation data for October will be announced to the public on Monday, November 3, 2025, at 10:00 AM.
Finance and Treasury Minister Mehmet Şimşek gave striking messages ahead of the inflation data to be announced on Monday. Minister Şimşek stated, "The impact of agricultural frost and drought is very high in the rapid increase in food prices; inflation was three times the 20-year averages in August and September. If there is no drought next year, there will be a rapid decline due to the base effect," he said.
"MACRO INDICATORS ARE NOT GOING AS WE WANTED"
Speaking at the Global Economy Summit of Dünya Gazetesi, Minister Şimşek continued his statements as follows; "We are currently in the second phase of the program, which has been tested against both domestic and external conditions. Some macro indicators are not going as we wanted, but there is progress. The third phase will be in June 2026, and price stability and structural transformation will be completed. Despite unforeseen developments both domestically and internationally, disinflation has continued and will continue."
"HIGH INFLATION WILL NOT DISRUPT THE PROGRAM"
The high inflation seen in recent months will not disrupt the program. There is rigidity in rent and education inflation, but not as much as claimed; there has been a decrease compared to a year ago. The impact of agricultural frost and drought is very high in the rapid increase in food prices; inflation was three times the 20-year averages in August and September. If there is no drought next year, there will be a rapid decline due to the base effect," he said.
"TAX INCREASES WILL BE DETERMINED BELOW INFLATION"
Şimşek stated, "We no longer have a current account problem, excluding gold. Turkey has ensured reserve adequacy; the KKM will end in December, and we will be free from a major risk. We will try to set tax increases below the target inflation and will support the central bank. The worst is behind us for the real economy," he expressed.