Turkish Central Bank Raises Inflation Forecasts For 2024

Türkiye's Central Bank on Thursday raised its year-end inflation forecast for 2024 while kept it unchanged for 2025 and 2026.

Annual consumer inflation is expected to reach 38% this year, up 2 percentage points from the previous forecast, Governor Fatih Karahan told a meeting held to release the bank's second inflation report of this year.

The year-end inflation forecast for 2025 and 2026 were kept at 14% and 9%, respectively, he stressed, adding that inflation is targeted to stabilize at 5% in the medium term.

Karahan stressed that the bank is determined to maintain its tight monetary policy stance until inflation falls to its target.

"We will definitely not allow a permanent deterioration in the inflation outlook," he underlined.

According to the latest data from TurkStat, Türkiye's annual inflation rate rose to 69.8% in April from 68.5% in March. -