AKP aims to lower inflation to 50 percent before scheduled elections next year

Amid a dwindling support for the ruling AKP due to economic troubles, the party official forecast that inflation rate will fall to about 50 percent before the elections take place in June 2023.

Monday September 05 2022 01:34 pm

This file photo shows AKP supporters attending a rally and waving the party's flags.

Nergis Demirkaya / DUVAR

The number one topic in the agenda of the Justice and Development Party (AKP) is the improvement of the economy before elections take place next year. The ruling party aims for an inflation level of 50 percent by May 2023 and then hold elections in June.

According to party officials, the minimum wage might be increased by around 50 percent above 8,000 liras as of January 2023 as millions are grapping with poverty.

Once the parliament reopens on Oct. 1 after summer recession, the ruling party is expected submit an omnibus bill that will erase the exorbioant interest payments on student loans, erase the electricity and water bills of low-income households and bring a mediation option for conflicts between house owners and tenants.

AKP officials expect inflation to keep increasing until November, but then starting with December, they expect it to “fall greatly."

AKP officials responsible for the economy forecast a decrease of about 10 percent in inflation in December and January, and then 4-6 percent for the following months. According to their estimations, the inflation will fall to about 50 percent by May 2023.

The government-run Turkish Statistical Institute (TÜİK) has reported an annual inflation rate of 80.21 percent in August, the highest since 1998, whereas the independent inflation group ENAG put the figure at 181.37 percent. Polls show Turks believe inflation is far higher than official data.

(English version by Didem Atakan)