Türkiye’s inflation forecast revised to 42.95% by year-end
A fish market owner in front of his store in Istanbul, Türkiye, Jan. 19, 2023. (Reuters Photo)
Türkiye’s annual inflation rate is projected to drop to 42.95% by the end of this year, according to a Central Bank of the Republic of Türkiye (CBRT) survey released Monday. This revision comes as the previous estimate was 43.52%, reflecting a modest but crucial adjustment.
Long-term inflation projections
- 12-month-ahead forecast: 30.02% (previously 31.79%)
- 24-month-ahead forecast: 19.32% (previously 20.33%)
Government’s confidence in disinflation
Turkish Treasury and Finance Minister Mehmet Simsek expressed confidence in the government’s disinflationary policies on the X platform. He emphasized that disinflation would become more evident in the coming months.
Although we expect an increase in monthly inflation in July because of temporary effects, we anticipate a significant decline in annual inflation
Mehmet Simsek
Current inflation trends
Türkiye’s annual consumer inflation rate slowed to 71.60% in June, down from 75.45% in May. This deceleration signals the potential effectiveness of the government’s economic measures.
