Data from the Turkish Statistical Institute
Data from the Turkish Statistical Institute showed today Wednesday that Turkey’s consumer confidence index fell 15.1% to 68 points in August, continuing its decline since May.
Outlook for Consumer Confidence
Any reading below 100 points indicates a pessimistic outlook, and any reading above that indicates optimism.
Rising Inflation in Turkey
Turkish President Recep Tayyip Erdogan said on Monday that rising inflation in Turkey is temporary and that the government is discussing steps to address the high cost of living, Reuters reported.
Inflation Rate and Projections
Inflation in Turkey rose to 47.8% in July and is expected to reach around 60% by the end of the year due to tax increases and the depreciation of the Turkish lira against other currencies.
Government’s Plan to Reduce Inflation
Erdogan said that the Turkish economic team is able to reduce inflation to less than 10%.
Trust in the Government’s Ability
In response to questions from reporters on his return from Hungary on Sunday, he added that his government has managed to bring inflation down to less than 10% in the past, and that Turks should trust the ability of the Justice and Development Party, which he is forcing to repeat it.
