Food inflation drops 7.1 points in October
· AA Tarım & Ekonomi
Treasury and Finance Minister Mehmet Şimşek announced that according to October data, food inflation has fallen by 7.1 points, and the disinflation process will be supported by falling commodity prices and supply-side policies.
Treasury and Finance Minister Mehmet Şimşek evaluated the October inflation data and announced that annual consumer inflation decreased by 3.1 points to 29.8%. Şimşek reported that annual inflation saw a 7.1-point decrease in food, 7.9 points in services, and 2.5 points in energy and non-food goods.
Stating that war-related energy prices pushed energy inflation up by 16.7 points, Treasury and Finance Minister Mehmet Şimşek made the following assessments regarding the disinflation process:
'However, rising energy prices due to the war increased energy inflation by 16.7 points, limiting disinflation. In the coming period, balanced economic activity, anticipated declines in energy and commodity prices, improvement in expectations, and reduced inertia in services inflation will support the decrease in inflation. At the same time, we will accelerate our supply-side policies in food, housing, and energy, and strengthen the alignment of administered prices with inflation targets within budget capabilities.'