Türkiye’s Treasury and Finance Minister, Mehmet Şimşek, has announced that services inflation has dropped to its lowest level since November 2021, signaling progress in the country’s efforts to reduce economic rigidities.

In a statement on X, Minister Şimşek highlighted that annual inflation in November 2024 stood at 47.1%, reflecting a significant 28.4-point decrease compared to May. He emphasized that services inflation, in particular, has improved, with a monthly increase of just 1.6%, marking the lowest level since November 2021.

“Despite the persistent high food inflation over the past two months, annual goods inflation has fallen below 40%, while services inflation continues its downward trend,” Şimşek said. He further added that the improvement in inflation expectations and the reduction in services inflation demonstrate substantial progress in alleviating economic rigidities. (ILKHA)