Erdoğan reaffirms pledge to lower inflation to single digits

President Recep Tayyip Erdoğan has reiterated his administration's commitment to reducing inflation to single digits.

His remarks came as he shared updates on economic indicators and energy initiatives during a cabinet meeting in the capital Ankara on June 4.

Erdoğan reported that the Central Bank's gross reserves had increased by around $44 billion over the past year, reaching over $142 billion, with net reserves excluding swaps rising by $67 billion.

"We will definitely achieve single-digit inflation rates without compromising production, employment, exports and quality growth," he said.

"We are well aware that this is a process that requires patience, will and undoubtedly determination. As a government, we have not the slightest doubt that we will achieve our goals."

The Turkish Statistical Institute (TÜİK) said on June 3 that annual inflation had surged from 69.8 percent in April to 75.45 percent in May. Monthly consumer prices rose by 3.37 percent in May, following a 3.18 percent increase in April.

Erdoğan and officials have long forecasted that inflation would peak in May before starting a "rapid decline to end the transition period."

Last week, the Central Bank adjusted its year-end inflation forecast to 38 percent, up from the previous 36 percent, while maintaining projections of 14 percent for 2025 and 9 percent for 2026.

In addition, Erdoğan also highlighted Türkiye's efforts in nuclear energy, particularly the construction of the country's first nuclear power plant in the southern city of Mersin.

The Akkuyu power plant's first reactor is 90 percent complete, he said. The construction is overseen by Russia's state atomic energy company, Rosatom.

"In addition to integrating our...