Turkey raises inflation forecasts, sees 65%

Türkiye's Central Bank revised its year-end inflation forecast upwards for 2023 and 2024 while cutting it for 2025.

The annual consumer inflation is foreseen to come in at 65% this year, up from 58% the previous forecast, Governor Hafize Gaye Erkan said.

The governor said inflation rate will fluctuate between 62% and 68% through to the end of 2023. This revision was mainly led by higher food and energy import prices this year, she stressed.

According to Erkan, the end-2024 forecast was hiked to 36%, up 3% from the previous projection. On the other hand, year-end inflation forecast for 2025 was cut to 14% from 15%.