French bank forecasts inflation in Turkey will peak in October

The French bank Société Générale has predicted that inflation will see a peak of 87 percent in October. According to the Turkish Statistical Institute (TURKSTAT), annual inflation rose to 79.6 percent in July. The Inflation Research Group (ENAG), formed by independent academics, calculated the July inflation rate as 176 percent. However, the expectation of an increase in inflation continues.

The French bank Société Générale (SocGen) which published a new analysis on Turkey, predicted that the peak of inflation will be 87 percent. A long position in dollar/TL is recommended. The bank reiterated that the 2022 year-end expectation for the Dollar / TL is at the level of 22.

Chief Strategist of SocGen CEEMEA said “We expect the annual official inflation data of TURKSTAT to peak with 87 percent in October” in a note dated August 16, according to media.