Erdogan says latest inflation data strengthens Turkey’s hand to tackle high cost of living

Turkish President Tayyip Erdogan said on Tuesday that Ankara is determined to resolve the high cost of living problems, adding that the latest data strengthens the government's hand in the fight against inflation.

Speaking after the first cabinet meeting after being elected to his third term last month, Erdogan cited annual inflation dropping below 40% in May and said the government will lower it to single digits.

Turkey's inflation was stoked by a currency crisis in late-2021, sparked Erdogan's unorthodox policies. The appointment of Mehmet Simsek, who is highly regarded by financial markets, as the finance minister was seen as setting the stage for a return to orthodoxy. [Reuters]