Turkey: September inflation rate hits 3-year low

ANKARA

Turkey just posted the lowest inflation rate it has seen in the last three years, the treasury and finance minister said Monday.

"The steps we have taken to fight inflation continue to bear fruit," Berat Albayrak said on Twitter.

Albayrak's remarks came after Turkey's statistical authority announced that the country's inflation rate in October was 8.55%, down from 9.26% in September.

In December 2016 the TurkStat figure was 8.53%.

"We will maintain the same decisive stance in the fight against inflation and achieve the year-end target," Albayrak added.

As laid out in the new economic program announced by the government at the end of September, Turkey's inflation rate is expected to hit 12% this year.

In its latest report, Turkey’s Central Bank last week cut the country's year-end inflation forecast from 13.9% to 12%.