Turkish President Tayyip Erdogan said the country's government hopes to "break the back" of the country's high inflation in early 2023.

Turkey's annual inflation slowed in November for the first time in a year and a half, to 84.39 percent from 85.51 percent in October, the National Institute of Statistics (TUIK) reported earlier. Consumer price growth for November was 2.88%, according to the agency.

"Step by step, we are tackling the issue of the cost of living and inflation, which is on everyone's agenda, including Europe and America. Thanks to the measures we have taken, we hope to break the back of inflation early next year," Erdoğan said in a video message to the group's summit and the Money Talks program.

According to the Turkish leader, the level the country has reached in the defense industry in a short time has become "one of the nation's pride."

"In 2002, defense industry exports were only $248 million, and last year we broke a record of $3 billion 224 million. This year we expect an export figure of more than $3 billion. From weapons and ammunition to missiles, from unmanned air, land and sea vehicles to helicopters and ships, we design, manufacture and develop the systems we need in a wide range domestically and nationally," Erdogan noted.