Turkish President Recep Tayyip Erdogan joins legislators elected to the Grand National Assembly of Türkiye in the May 14 parliamentary elections and attend their first parliamentary session to take the oath, in Ankara, Türkiye, Friday, June 2, 2023. (PHOTO / AP)

ISTANBUL - Turkish President Recep Tayyip Erdogan said on Saturday that his government would focus on reducing inflation to single digits from the current nearly 40 percent.

"The uncertainty of the election time is now over. Our hand is stronger," Erdogan told Turkish exporters during a meeting of the Turkish Exporters Assembly in Istanbul.

"We will reduce the inflation, which has been a headache also for the world, to single digits... Our new economic leadership will prioritize this issue," he said.

Türkiye's annual inflation fell to 39.59 percent in May after hitting a 24-year high of 85.51 percent in October last year, according to official data.

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Erdogan named Mehmet Simsek as the treasury and finance minister after winning the historic elections in May. The new minister has hinted at a return to orthodox policies, including rate hikes.