Vice President Yılmaz's Assessment of Inflation

Forex - Vice President Cevdet Yılmaz stated that they expect the disinflation process to continue in the coming months, saying, "We will continue our fight against inflation in a multifaceted, coordinated, and determined manner until we reach single-digit figures again."

Yılmaz evaluated the inflation figures announced today by the Turkish Statistical Institute (TÜİK) on his X account.

Stressing that they are continuing the disinflation process as a result of the confidence in their program, Yılmaz continued:

"While consumer prices increased by 2.24% in November, the annual inflation decreased by 1.5 points to 47.09% compared to October. Thus, the decrease in annual inflation reached 28.4 points compared to May 2024.

It has been observed that the significant slowdown in service inflation, which started in October, continued in November as well. Monthly rental inflation declined in November, influenced by the decrease in contract renewal rates. We expect this downward trend in rental price increases to continue in the upcoming period and positively contribute to the decline in the inflation of the service group.

While unprocessed food inflation remains high due to temporary supply conditions, there has been a more favorable trend in non-food monthly consumer inflation. In November, the decline in the general trend of inflation continued, with monthly increases in the B and C indices occurring at the level of 1.5, while annual inflation decreased to 45.68 and 47.13, respectively.

The moderate trend in domestic producer prices indicates that the cost pressures on consumer prices are gradually easing. The improvement in firms' pricing behavior is positively reflecting on consumer inflation.

The increasing confidence in the implemented disinflationary policies contributes to the improvement of inflation expectations along with the decline in inflation. We are resolutely implementing our economic program to advance social welfare, enhance predictability in the economy, and achieve a more equitable and effective distribution of resources.

We expect the disinflation process to continue in the upcoming months. Until we reach single-digit figures again, we will continue our fight against inflation in a multifaceted, coordinated, and determined manner."