Türkiye's Central Bank revises up inflation forecast

Country's annual consumer inflation projected at 65.2% this year, 22.3% next year and 8.8% in 2024, says Central Bank governor

By Tuba Sahin

ANKARA (AA) - Türkiye's Central Bank on Thursday revised its year-end inflation forecast upwards for both 2022 and 2023 amid higher costs of energy and food.

The annual consumer inflation is expected to hit 65.2% this year, revised up from the previous projection of 60.4%, Central Bank Governor Sahap Kavcioglu told a meeting held to release the bank’s last quarterly inflation report this year.

Inflation is estimated to fall to 22.3% at the end of 2023 and 8.8% by the end of 2024. The previous forecast of the bank for 2023 was 19.2%.

"We anticipate that, together with the stabilizing effects of our macroprudential measures on monetary developments, the supply-demand balance, the current account balance, and the stable course in the foreign exchange market will have a positive impact on inflation expectations and pricing behavior," Kavcioglu said.

The governor said food prices is projected to complete 2022 at 75%, and 2023 at 22%.

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