Turkey’s Central Bank raises inflation forecast yet again
Turkey's central bank governor has raised the inflation estimate for the fourth time in a year as prices hit a 24-year high.
ISTANBUL — The governor of Turkey’s Central Bank admitted to failure in curbing prices as he raised the inflation forecast for the end of the year from 60.4% to 65.2%.
“We cannot consider ourselves very successful,” Sahap Kavcioglu said at a news conference in Ankara when asked about the bank’s efforts to fight rising prices. “God willing, the decisions we have taken will make us successful in a short time.”
The recalibration of the year-end inflation estimate is the fourth increase this year. The official annual inflation rate currently stands at a 24-year high of 83.45%, although independent economists put it at 186.27%.
Kavcioglu, a former lawmaker for the ruling Justice and Development Party and the bank’s fourth governor in as many years, said inflation would peak at around 85% in late fall before dropping.
