Moody’s credit rating agency expects the consumer price index in Turkey to accelerate to about 25% or more in the coming months, after reaching 21.3% in November.
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Moody’s expects the inflation rate to range between 17 and 18% by the end of 2022
Moody’s, the credit rating agency, expected the consumer price index in Turkey to exceed 25% in the coming months, and said that another possible interest rate cut this month would further reduce its expectations and view of the Turkish economy.
“We expect the consumer price index to accelerate to about 25% and even more in the coming months, after reaching 21.3% in November,” Moody’s said in a note to clients, dated Wednesday, adding that it expects the inflation rate to range Between 17 and 18% at the end of 2022.
Moody’s stated that “the weakness of the local currency has boosted the shift towards the dollar, but confidence in the banking system remains strong in the absence of indications of deposit withdrawals.”
“Continuing high inflation in Turkey will limit economic expansion,” the agency added, adding that it currently expects “real GDP growth to slow to 4% next year, from an estimated 11% this year.”
Wimsey The Turkish lira fell more than 2%, retreating towards record lows, as President Recep Tayyip Erdogan renewed his commitment to lower interest rates.
The Central Bank of Turkey will meet again on December 16.
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