Central bank survey sees Turkey's year-end inflation at nearly 58%

Central bank survey sees Turkey's year-end inflation at nearly 58%

Expectations for Turkish inflation through the end of this year have ticked higher, a closely watched survey showed Monday, as Turkey’s central bank is seen holding its benchmark policy rate unchanged this week.

Propelled by rising energy and commodity prices, Turkey’s annual inflation runs at a 20-year high of nearly 70% as of April, according to official data.

Consumer prices have been increasing despite tax cuts on basic goods and government subsidies for utility bills to ease the burden on household budgets.

Year-end consumer price inflation is seen at nearly 58%, a central bank survey of market participants showed Monday, up from a forecast of 46.44% a month earlier.

Participants see the inflation rate at 33.28% a year from now, up from the 28.41% estimate in the previous survey, and at 17.68% in two years, from the previous forecast of 19.54%.

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