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As inflation in Turkey reaches a nearly 20-year high, President Recep Tayyip Erdoğan has announced a reduction in value-added tax (VAT) on basic food products from 8% to 1%. The decision, effective from February 14, covers various staples such as flour, rice, meat, and dairy products. Erdoğan emphasized the government's commitment to fighting inflation, stating that the VAT reduction would contribute to this effort. In January, Turkey reported an annual inflation rate of 48.69%, with the housing, food, and utilities sectors particularly impacted.
Friday, 11 February, 2022