Finance Minister Says Iran War Has Added 7 Points to Turkey's Inflation

Finance Minister Mehmet Şimşek raised his estimate of the US-Israel-Iran war's effect on Turkey's annual inflation to at least 7 percentage points, up from the 5-point estimate he gave in June, citing higher oil, natural gas and commodity prices that hit Turkey harder because inflation was already elevated. Şimşek said annual inflation would have ended 2026 around 21–22% without the war; the government has instead raised its year-end forecast to 28.4%, up from a 16% projection made a year earlier and from 26% just last month.