The Turkish Central Bank today revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%. The Bank also forecast an inflation rate of 5.4% for 2021.
In his presentation of the Bank’s 2020-II Inflation Report, April 30, 2020, Central Bank Governor Murat Uysal said that the fall of 0.8% in the 2020 inflation forecast was largely due to downward revisions in projections for international commodity prices, especially crude oil and metal prices, and domestic demand and producer prices as a result of the weakening Turkish economy, all brought about by the effects of the coronavirus pandemic.
Turkey’s annual inflation rate was recorded as 11.86% in March 2020, down from 12.37% in the previous month of February.
Click here for Turkish Central Bank’s “Briefing on 2020-II Inflation Report April 30, 2020”