Turkish President Recep Tayyip Erdogan said on Monday that it is “clear” that inflation will fall to around 40% in a few months and then to 20% in 2023.

Last week’s data showed Turkey’s annual inflation fell to 84.39% in November from a peak of 85.51% in the previous month.

Turkey’s annual inflation rate hit 85.51% in October, the highest level since 1997, official data showed on Thursday, as President Recep Tayyip Erdogan defends his unconventional policies in the face of a cost-of-living crisis.

While central banks around the world are raising interest rates in an attempt to control rising consumer prices, Turkey has resisted the global trend, with Erdogan stressing that high interest rates are his “biggest enemy”.

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