Turkey's inflation has risen to a 24 year high.
The transport, food and housing sectors have seen the biggest price increases.
The annual rate is estimated by the inflation research group.
Turkey's President cut interest rates last year in order to boost the economy. The central banks raise interest rates.
The transport sector saw the biggest increase in prices at over 120 percent, followed by food and non- alcoholic drinks at over 90 percent.
Interest rates are the mother and father of all evil, according to Mr Erdogan, and his economic policies include intervening in foreign exchange markets.
A reduction in interest rates last year has led to a fall in the value of the Turkish lira, which means it costs more to import goods from abroad.
The Turkish currency hit a new all time low against the US dollar.
Turkey's inflation will stay in the high range until policies get orthodox, according to JP Morgan.
"We will build the century of Turkey together, hopefully by overcoming the inflation issue," said Mr Erdogan.
Hakan Kara is a former Turkish central bank chief economist.
The economic crisis and high inflation are the main problems facing the ruling party of Mr Erdogan.
Energy and food prices have gone up due to supply shortages and the war in the Ukraine.
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