Turkish central bank hikes end-2022 inflation estimate to 60.4%

04:50 Tue, 30 May

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28.Jul .2022 13:30

Turkish central bank hikes end-2022 inflation estimate to 60.4%

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Turkey’s central bank on Thursday raised its year-end annual forecast for consumer prices to 60.4%, as inflation runs at a 24-year high, driven by the impact of the Ukraine war and soaring commodity prices.

The Central Bank of the Republic of Turkey (CBRT) predicts that inflation – which soared to nearly 79% in June – would fall to single digits in 2024, according to its third quarterly inflation report.

The bank’s year-end estimate is up from the 42.8% forecast in its April report, marking a 17.6 percentage point increase.

It sees food inflation at 71.3% by the end of the year, versus its earlier estimate of 49%.

The report said the consumer price index (CPI) would drop to 19.2% by the end of 2023, before eventually falling to 8.8% a year later, Daily Sabah reports.

Inflation Risk Growth price surge