Central Turkey bank on Raised on Thursday in yearEnd of annual forecast for Consumer prices rise to 60.4%, as a result of impact inflation of Ukraine war and soaring commodity prices runs at 24-year high.
central bank of Republic of Turkey (CBRT) expects inflation – which has risen to nearly 79% in June – will gradually decrease to number one in 2024, according to the third quarterly inflation report.
The bank’s year-End of appreciation up From 42.8% expect in In the April report, registering an increase of 17.6 percentage points.
Central Governor Şahap Kavcıoğlu said bank will continue to take steps To manage any unusual developments in Recently missed business and consumer loans.
The bank’s estimated quarterly presentation showed range of The annual inflation rate is nearly 90%. in Autumn before thinning.
It expects food inflation to reach 71.3% eventually of The yearversus its previous estimates of 49%.
The bank It raised its median forecast for the end of 2023 to 19.2% from 12.9%. Inflation is eventually expected to fall to 8.8%. in 2024.
Kavcıoğlu said that while the consumer price The CPI remained above expectations in June, core inflation showed a more Positive outlook and cooling demand should help in The second half of The year.
It was also optimistic on The current Account deficit that increased this year. Balance said once global Commodity prices have returned to normal, buoyed by Turkish tourism revenues that far exceeded expectations.
The Turkish lira slipped slightly to 17.925 by 0826 GMT.
