Turkey’s c-bank lifts 2022, 2023 inflation forecasts

ANKARA (Turkey), April 28 (SeeNews) – Inflation in Turkey is expected to reach 42.8% at the end of this year, before slowing down to 12.9% at the end of 2023, the country’s central bank said on Thursday.

The expected inflation at the end of 2024 is 8.2%, the central bank said in a quarterly inflation report.

In the bank’s January forecast, inflation in Turkey was projected at 23.2% at the end of 2022 and 8.2% at the end of next year.

With 70% probability, inflation is expected to be in a range 46.9% and 38.7% at end-2022, between 17.7% and 8.1% at end-2023, and between 13.2% and 3.4% at end-2024, according to the report.

Turkey’s consumer price index (CPI) rose by 61.1% year-on-year in March, after increasing by an annual 54.4% in February, according to the latest data published by the country’s statistical office.