Türkiye’s Central Bank on Thursday revised its year-end inflation forecast upwards for 2023, 2024 and 2025.
The annual consumer inflation is projected to hit 58% this year, revised 35.7 points up from the previous forecast, Governor Hafize Gaye Erkan told a meeting held to release the bank’s third quarterly inflation report this year.
The end-2024 forecast was raised to 33% from the previous projection of 8.8% and end-2025 forecast to 15% from 5%, Erkan noted.
The upward revisions were due to Turkish lira-denominated import prices, output gap, food prices, administered prices and unit labor cost and forecast deviation and change in forecasting approach.—AA
