Government to take holistic approach to fight inflation: Ministry

ANKARA

The Turkish governmental agencies and departments will take measures against unfair pricing and inefficiency to fight the acceleration in the consumer price index, according to a ministerial statement.

“We evaluated the developments in the international arena and the probable risks posed by them on the inflation rate in detail,” said Treasury and Finance Minister Nureddin Nebati late on March 1.

In the meeting, which was attended by several ministers, Central Bank chief Şahap Kavcıoğlu and heads of some agencies, the possible effects of the Russia-Ukraine conflict on food and energy supply security was discussed, a statement from the Treasury and Finance Ministry said.

The committee decided to “prioritize the fight against inflation with a holistic approach,” said the statement.
Today, the Turkish Statistical Institute (TÜİK) will reveal the latest consumer price index figure, which hit 48.7 percent in January.

All ministries will move in coordination to prevent “unfair pricing contrary to the market realities,” and to punish businesses which resort to that act, the statement said.
The government will also continue its efforts to increase the purchasing power of citizens without “making any concessions from fiscal discipline,” it added.
It was decided that measures to reduce costs at public instututions will continue with determinedly.