Central Bank of Turkey Raises End-of-Year Inflation Forecast to 29.61% in September Survey

The Central Bank of Turkey adjusted its official inflation projections following a new survey conducted in September with sixty-seven representatives from the real and financial sectors. The bank now predicts annual consumer price index growth will reach 29.61 percent by the end of the year, an increase from the previous forecast of 29.43 percent. The one-year-ahead expectation for inflation has been raised to 23.70 percent, up slightly from 23.69 percent earlier. Projections for a twenty-four-month horizon stand at 18.32 percent, reversing a prior estimate of 18.03 percent. For the current month only, expected inflation rose marginally from 2.08 percent in August to 2.12 percent. The survey utilized responses from sixty-seven market participants representing both domestic and financial industries. Previous data indicated that actual annual inflation declined slightly in August compared to prior expectations.