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.
