Turkey's Central Bank Raises Inflation Forecast to 29.61% for Year-End
The Turkish Central Bank revised its year-end inflation target up to 29.61%, with annual forecasts also increasing for 12 and 24-month horizons.
The Turkish Central Bank adjusted its consumer price index (CPI) projections for the end of the year, raising the annual rate to 29.61 percent. During a September poll released this Friday, the bank surveyed sixty-seven financial and real sector participants, six more than the August survey included. Respondents predicted a monthly CPI increase for September at 2.12 percent, compared to 2.08 percent in the previous month. Historical forecasts also saw upward adjustments: the one-year ahead rate moved from 23.69 percent to 23.70 percent, and the two-year ahead estimate rose from 18.03 percent to 18.32 percent. The year-over-year CPI increase had previously decreased slightly in August, coming in just below prior expectations.
