August inflation figures signal Turkey to catch target

ANKARA

Turkey will achieve its year-end inflation target thanks to policies prioritizing healthy growth and combating inflation, the country's treasury and finance minister said on Tuesday.

"A drop in domestic producer price index is leading the downward trend in inflation," Berat Albayrak wrote on Twitter.

Albayrak's remarks came after the Turkish Statistical Institute (TurkStat) announced that the country's annual inflation rate slipped to 15.01% in August, down from 16.65% in July.

TurkStat also revealed that domestic producer price index decreased 0.59% on a monthly basis.

Under the new economic program announced last September, the country's inflation rate target is 15.9% this year.