Turkish Trade Minister Mehmet Muş on Oct. 30 claimed that the annual inflation rate has been around 8-9 percent during the Justice and Development Party (AKP) rule "if you do not count the last years."
"During the Justice and Development Party (AKP) rule, inflation was kept at single-digit levels. If you do not count the last years, the average is around 8-9 percent,” Muş said while speaking with AKP members in the party’s provincial organization in the eastern province of Bingöl.
“We lowered the inflation rate to single digits, but there has been an increase recently. Look at Turkey’s neighbors. Turkey is a country that has managed to maintain its growth despite the developments, negativities and instability around it. Turkey will have realized its export target of 250 billion dollars this year,” he further added.
The government-run Turkish Statistical Institute (TÜİK) has reported an annual inflation rate of 83.45 percent in September, the highest since 1998, whereas the independent inflation group ENAG put the figure at 186.27 percent. Many citizens in Turkey struggle to make ends meet amid massive increases in the costs of living.
Oct. 2019, Sept. 2019 and July 2017 were the last three months that Turkey experienced a single-digit level of inflation, with 8.55 percent, 9.26 percent and 9.79 percent respectively.
President Erdoğan has prioritised exports, production and investment as part of an economic programme that aims to lower inflation by flipping Turkey's chronic current account deficits to a surplus.
The interest rate cuts made by the Central Bank because of Erdoğan’s unorthodox economic policies have been blamed for lighting a fire under inflation.