Turkish central bank expects inflation to rise to 18%

The Turkish Central Bank announced today, Thursday, that it will amend its inflation forecasts until the end of this year and the next two years.
And the Bloomberg News Agency quoted Bank Governor Shihab Cavusoglu, at a meeting to issue a report on the fourth quarterly inflation, that annual inflation is expected to reach 18.4% by the end of 2021, compared to 14.1% in previous forecasts.He explained that the revision of expectations was mainly driven by the rise in import costs and food prices.
He said that the recent rise in inflation came as a result of supplies, such as the rise in food prices and imports, as well as developments in demand after reopening the economy.

The governor announced that the inflation rate is expected to reach 11.8% at the end of next year, compared to previous expectations of 7.8%, and to 7% by the end of 2023, before settling at 5% in the medium term.

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