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Turkey's annual inflation rate nears 60% in August

Turkey’s economy minister says the country’s struggle with runaway inflation will take time.
A customer buys US dollars in exchange for Turkish lira at an exchange office, Ankara, Turkey, July 20, 2023.

ANKARA — Annual inflation in Turkey hit 58,94% in August, with consumer prices increasing 9.09% from the previous month, according to official data released on Monday.

The Turkish Statistical Institute (TUIK) reported that annual inflation jumped by 59% compared to the same period last year.

Following the release of the data, Turkey’s Finance and Treasury Minister Mehmet Simsek said his country was in an economic transition period. Simsek was appointed at the helm of the country’s economy as part of Ankara’s shift toward a more conventional economic policy following Turkish President Recep Tayyip Erdogan’s reelection in May as the country is facing one of its worst economic crises.

“We know that combating inflation will take time. We are in a transition period. We will do whatever necessary (monetary tightening, credit policy and income policies) to take control of inflation and lower it,” Simsek wrote on Twitter. “We are absolutely determined to fight inflation.”

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