The Central Bank of Turkey increased on Thursday its annual inflation forecast from April's estimate of 42.8% to 60.4% in the latest outlook, mostly due to growing costs of food products and imports as well as the national currency's weakness against the American dollar.
Commenting on the outlook, Governor Sahap Kavcioglu asserted that inflation would decline to 19.2% by the end of next year and eventually land at 8.8% in 2024. However, it would remain higher compared to the central bank's 5% inflation target.
The greenback has soared more than 35% against the lira since the start of the year, and continued strengthening by 0.25% at 10:35 am CET to sell for 17.925.
