Turkey’s Central Bank raises year-end inflation forecast to 18.4 percent

Breaking news.. President of the Central Bank of the Republic of Turkey (CBRT) Shahap KAVCIOGLU has announced the year-end inflation forecast.

Shahap Kavcioglu, the President of the CBRT, faced the cameras for the presentation of the latest inflation report of the year. The CBRT updated its inflation forecast for the end of 2021 from 14.1 percent to 18.4 percent.

The CBRT increased food inflation from 15 percent to 23.4 percent at the end of the year. the 2021 year-end CPI expectation was increased by 18.4 percent. In the previous report of the CBRT, the median inflation expectation for the end of 2021 was 14.1 percent. the CPI for 2022 was increased from 7.8 to 11.8 percent.