Turkey to achieve below 2019-end 12% inflation target

By Tuba Sahin

ANKARA (AA) - Turkey will end 2019 achieving below 12% inflation target, Turkish Treasury and Finance Minister Berat Albayrak said on Tuesday.

Marking the November inflation figure on Twitter, Albayrak said the recovery in the outlook continues.

Turkey saw a 10.56% annual hike in consumer prices in November, the Turkish Statistical Institute (TurkStat) announced early Tuesday.

The figure was in line with the government's projections, he underlined.

Turkey's inflation rate is expected to hit 12% this year, as laid out in the new economic program for 2020-2022 announced by the government this September.

"The stabilization of the exchange rate during the balancing period, rise in food supply and fall in imports maintain the positive outlook in inflation," Albayrak noted.

He added that pressures in consumer prices due to producer price index decreased considerably.

"Since the beginning of the year, inflation has fallen by almost 10 percentage points. We will maintain our strong stance in the fight against inflation," Albayrak said.