Turkey's President reduced taxes from 8% to 1% to control inflation

According to international media, Turkish President Erdogan said that the tax on essential foods had been reduced from 8% to 1%.

Turkey's President reduced taxes from 8% to 1% to control inflation
Recep Tayyip Erdogan (Time Square News Image 002)

In an effort to combat inflation and the declining standards of living in Turkey, Recep Tayyip Erdogan has reduced food taxes.

According to international media, Turkish President Erdogan said that the tax on essential foods had been reduced from 8% to 1%. The President's decision will be published in Turkey's official newspaper and will take effect from Monday.

In addition to tax cuts, Erdogan told food companies that the government expects companies to reduce the prices of their products by up to 7%, as food items play a crucial role in inflation.

The Turkish President also said that if the nation is crushed under inflation, we will never allow this to happen.

According to official data released in January, inflation in Turkey rose by 48% year-on-year, while independent analysts put the figure at more than 115%.

On the other hand, Turkish critics believe that Erdogan's decision to cut interest rates is the cause of Turkey's rising inflation.