Türkiye, aware of "temporary" price increases amid regional tensions, is taking all necessary measures and will continue to do so, President Recep Tayyip Erdoğan said Monday.
"Our economic management team is taking and will continue to take all necessary measures to minimize the stress experienced by the market," Erdoğan said.
The conflict, which started in late February after the U.S. and Israel launched joint strikes on Iran, has effectively shut the key Strait of Hormuz, a crucial global trade route, causing what is described as the biggest energy supply crisis ever.
The fallout poses a challenge for import-heavy economies like Türkiye, where higher energy prices and transportation prices were among the main drivers behind an increase in inflation in April.
The consumer price inflation reached 32.37%, compared to 30.9% in March, official data showed.
Erdoğan said the government is aware that "not everything is rosy."
"We know the pressure that temporary price increases, stemming from regional and global developments, are putting on both our citizens and the real sector," he told an event of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) in Ankara.
"We will continue to monitor this and provide the necessary guidance based on your suggestions, findings and criticisms," he added.
Erdoğan pledged to continue the fight against exorbitant price increases, conveying that "disproportionate increases in the prices of some products cannot be explained by market conditions."
"We are resolutely continuing our inspections targeting opportunists in the market," he noted.
The president went on to highlight the strides he said the Turkish economy has achieved over the past 23 years.
While citing positive momentum in exports, led by defense exports, which have surpassed the level of $10 billion, he also said that the unemployment rate continues to be at single digits.
Erdoğan underscored TOBB's role in the Turkish economy, while touching upon its contributions, starting from exports to technology initiatives.
"I would like to express my gratitude, through you, to all my brothers and sisters who have contributed to Türkiye's growth and development, and who have played a part in bringing our country to its current levels," he said.
"The Union of Chambers and Commodity Exchanges of Türkiye, as the umbrella organization of our private sector with 365 chambers of commerce, chambers of industry, commodity exchanges, and maritime chambers of commerce, truly fulfills a very important mission."
Moreover, he went on to cite that TOBB, through the Credit Guarantee Fund, has helped to facilitate access to finance for its members, while mentioning that together with defense and electronics giant Aselsan, it has also produced the first quantum computer, which he said "will bring our country to a strategic position in global technology competition."
