Turkish President Recep Tayyip Erdogan has announced a seven percent reduction in taxes on basic foodstuffs as Turkey is facing a high rate of inflation, Radio Free Europe (RSE) reported this evening.
His decision will be published in the Official Gazette and will take effect on Monday.
Erdogan said that the authorities expect food companies to reduce their prices by seven percent. According to him, food makes up a significant part of inflation.
According to official data for last month, inflation rose to 48,69 percent on an annual basis.
Critics believe that Turkey is on the brink of high inflation due to Erdogan's insistence on lowering the interest rate. The Turkish president believes that inflation is caused by high interest rates.
The currency crisis was caused by the cuts, and the Turkish lira hit a record low in December 2021.
Because Turkey relies on imports for its energy needs, as well as raw materials and many food supplies, prices have skyrocketed.
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