Erdogan: 'We hope to break the backbone of inflation at the beginning of next year'

Turkish President Recep Tayyip Erdogan has announced that the Turkish government hopes to 'break' the backbone of high inflation in the country at the beginning of 2023.

In Turkey, annual inflation has slowed for the first time in a year and a half in November, dropping to 84.39% from 85.51% in October, according to information from RIA Novosti.

'We are gradually addressing the issue of the cost of living and inflation, which concerns everyone, including Europe and America. With the measures we have taken, we hope to break the backbone of inflation at the beginning of next year,' Erdogan stated in a video address to participants of the Money Talks group and conference.

According to the Turkish leader, the level that the country has achieved in the defense industry in a short time has become 'one of the sources of national pride.'

'In 2002, the export of defense industry products was just $248 million, while last year we exceeded the record with $3 billion 224 million. This year, we expect to surpass $3 billion in export figures. We need to build the systems that we require domestically and at a national level. From weapons and ammunition to missiles, drones, ground and maritime vehicles, as well as helicopters and ships, we are designing, producing, and developing the systems we need domestically and at a national level,' Erdogan noted.