Türkiye's Minister of Treasury and Finance, Mehmet Şimşek, announced on Wednesday that the country has initiated a disinflation process, following the release of June inflation figures by the Turkish Statistical Institute (TURKSTAT).

Minister Şimşek took to his social media account to share the latest inflation data, highlighting a positive trend towards achieving price stability.

“The disinflation process has started. The inflation trend indicated by the annualized value of the seasonally adjusted three-month moving average is consistent with our year-end target. The monthly June data of 1.64% points to an annualized inflation of 22%,” Şimşek wrote.

Şimşek underscored the government's accomplishments in various economic areas such as financial stability, sustainable current account deficit reduction, reserve accumulation, and exiting the grey list. He expressed confidence that these achievements would contribute to achieving disinflation, a primary objective of their economic program.

"We will implement our program with determination until we achieve price stability and ensure a permanent increase in welfare," Şimşek affirmed.

Türkiye has been grappling with high inflation rates, and the government's efforts to curb inflation and stabilize prices are crucial amid broader economic challenges. (ILKHA)