The Turkish Central Bank (TCMB) significantly raised its inflation forecast for the end of this year as well as for 2024 and 2025 based on the behavior of prices and the outlook for the economy of Turkey, mainly due to the price of food, labor costs, the production gap, and imports in liras. During the public presentation of the third quarterly report on inflation, the new governor of the Central Bank, Hafize Gaye Erkan, indicated that the new forecast is that prices will increase by 58% by the end of this year, a drastic increase compared to the previous estimate that fixed inflation at 22.3% by the end of 2023. By the end of 2024 the inflation target is revised from 8.8% to 33%, while by 2025 it goes from 5% to 15%.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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