The Turkish Central Bank raises its inflation forecast to 60.4 percent

On Thursday, the Turkish Central Bank raised its inflation forecast from 42.8 to 60.4 percent for the end of 2022.

Central Bank Governor Shihab Cavusoglu gave a media briefing in the capital, Ankara, on the occasion of the announcement of the third inflation report for the year.

He explained in his briefing that the Central Bank raised its inflation expectations for the end of this year by 17.6 percent from 42.8 to 60.4 percent.

He added that the Central Bank’s inflation expectations for the end of 2023 are at 19.2 percent and for the end of 2024 at 8.8 percent.

The consumer price index in the Turkish market rose last June by 4.95 percent on a monthly basis compared to the previous May.

According to data from the Turkish Statistics Authority, inflation rose on an annual basis in June to 78.62 percent.

Global commodity prices are witnessing successive rises, driven by the consequences of the Russian-Ukrainian war, as energy prices jumped with the lead of oil and natural gas, and food prices at the forefront of cereals.