Turkey’s president announced on Saturday a 7 percentage-point reduction in taxes added to basic food supplies as the country faces rampant inflation. President Recep Tayyip Erdogan said value-added tax would be lowered to 1 percent from 8 percent on food purchases. His decision would be published in the Official Gazette and go into effect Monday. Erdogan said that, in addition to the tax discount, the government “expects” food companies to lower their prices by 7 percent. He said these foods play a significant part in inflation. Official data for January showed inflation rose to a staggering 4…