Turkey: Economists expect minor inflation rise in April

By Erhan Cihan Unal

ISTANBUL (AA) - Consumer prices in Turkey are expected to rise 20.25% year-on-year in April, according to an Anadolu Agency survey on Tuesday.

In March, Turkey's annual inflation rate stood at 19.71%.

On Friday, the country's statistical authority TurkStat will release the consumer price index for April.

A group of 16 economists forecasts monthly inflation of 2.33%, with predictions varying between 1.94% and 2.80%.

In March, consumer prices in Turkey surged 1.03% on a monthly basis.

According to economists' average year-end estimates, annual inflation would be 16.13% -- with the lowest estimate at 14.50%, and the highest at 19.70%.

On Tuesday, the Central Bank of Turkey kept the country's year-end inflation forecasts at 14.6% this year, 8.2% next year, and 5.4% in 2021.

As noted in the bank’s quarterly inflation report, the figure will fluctuate between 12.1% and 17.2% through the end of 2019.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% in October 2018.

Under Turkey's new economic program announced by the government last September, the country's inflation rate target is 15.9% this year, 9.8% next year, and 6.0% in 2021.

* Writing and with contributions by Muhammed Ali Gurtas from Ankara