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Turkish Finance Minister Mehmet Şimşek acknowledged the country's ongoing fight against inflation and the rising cost of living while stating that efforts are underway to reduce both, the Velev news website reported on Tuesday.

Speaking at the "Economic Growth and Energy: Shaping the Economy of the Future" conference hosted by Sabanci University's International Energy and Climate Center (IICEC) in Istanbul, Şimşek said, "Turkey has a serious inflation and cost-of-living problem. However, looking at the bigger picture, efforts are underway to bring down inflation as well as the high cost of living."

Şimşek's remarks come amid widespread public frustration over the soaring cost of living in Turkey, where people are contending with increasing food and energy prices. The Turkish Statistical Institute reported annual inflation at 47.09 percent in November, though independent economists from the Inflation Research Group (ENAG) disputed the figure, estimating it to exceed 86 percent.

Turkey's economic crisis has severely impacted household budgets, forcing many to cut back on essentials and struggle with debt. Despite government efforts to stabilize the economy, high inflation remains a prime concern for the population.