Turkey announces 10 per cent price cuts after inflation soars

Turkey unveils 'all-out war' on inflation

Turkey unveils plan to tame inflation

Turkey's finance minister says several private sector firms have agreed to reduce their prices to support the government's effort to bring down painfully high inflation.

Turkey's finance minister has called on companies to cut prices on their goods by at least 10 per cent to join a national struggle to curb runaway inflation.

Albayrak said his plan will see inflation recede in October, promising businesses a discount on high-interest loans.

Albayrak said: "The fight against inflation and for price stability is not a fight that can be conducted by the state and institutions alone".

Speaking at an event to announce his programme to fight inflation, Albayrak, President Tayyip Erdogan's son-in-law, said ensuring price stability can not be conducted by the government alone and all economic actors need to support it. Inflation surged to a 15-year high of almost 25 percent in September.

"Our banks will give a 10 percent discount to high-interest loans given after August 1", he added.

Turkey's inflation soared to a 15-year high of nearly 25 percent in September, amid a currency crisis as the Turkish lira has declined around 40 percent this year.

As noted in Turkey's new economy program announced last month, the country's inflation rate target is 20.8 percent this year, 15.9 percent next year, 9.8 percent in 2020, and 6.0 percent in 2021.

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