Treasury and Finance Minister Nureddin Nebati on Monday vowed Türkiye would "beat" inflation, stressing that easing prices would start to be felt as of December.
"We are resolutely continuing the battle to increase the purchasing power of citizens without causing stagnation in the economy. We will also beat inflation," Nebati told the Second Türkiye Farmer Summit in Istanbul.
"We will start to feel this decline more clearly by the end of the year," the minister said.
The event was organized by Daily Sabah’s parent company and Türkiye’s leading media group Turkuvaz Media’s flagship Sabah newspaper.
Türkiye’s annual inflation topped 80% in August, a fresh 24-year high, driven mainly by soaring food and energy prices, which rocketed following Russia’s invasion of Ukraine.
Yet the increase turned out to be smaller than in previous months, signaling that price pressure might be slowing.
Nebati’s remarks came a day after President Recep Tayyip Erdoğan reiterated his government’s determination to tame inflation, which he said would fall to "reasonable" levels as of February next year.
The government says inflation will fall with its economic program prioritizing low-interest rates to boost exports, production and investments, aiming to lower the increase in consumer prices by flipping Türkiye’s chronic current account deficits to a surplus.
The finance chief cited the ongoing global crisis, which he said caused significant problems around the world.
"We are experiencing this on the inflation side. We are declaring that we will overcome this. Compared to many countries, Türkiye has a robust economy and diplomatic power that ensures both food and energy supply security," Nebati said.
Among others, Nebati stressed the food supply chain and security, which have deteriorated following Russia’s invasion of Ukraine.
The war drove up global food prices and prompted fears of shortages, particularly in Africa and the Middle East.
"We do not feel this in terms of the measures we have taken in Türkiye and the environment we are in. We have filled our storage," Nebati said.
Türkiye, along with the United Nations, in July brokered a deal to unblock Ukraine’s Black Sea ports. The accord aimed at averting a global food crisis by guaranteeing the safe passage of ships in and out of Ukrainian ports, allowing them to export tens of millions of tons of grain.
Nebati said many countries felt relieved with the grain agreement.
He cited "breakthroughs" achieved over the last two decades regarding agriculture and livestock.
He said annualized agricultural exports have reached the highest level in the history of the Republic with $7.6 billion (TL 140.2 billion) as of July.
"We continue to support our producers with our inclusive practices in order to ensure adequate and reliable food supply, increase productivity and increase the welfare of our people within the framework of the strategic importance of the agricultural sector," said the minister.
"With this approach, we provided TL 24 billion ($ 1.3 billion) of support to our farmers from the budget last year. This year, we have increased this figure to TL 39.2 billion."