In his second statements on inflation this year, Davutoglu said Turkey’s central bank had maintained its inflation forecast at 22.3% for 2023, adding that stable credit conditions and the exchange rate would allow for improvement. of inflation.
The governor added that the central bank also kept its annual inflation forecast for 2024 unchanged at 8.8%, and said the bank believes that Turkish lira-denominated import prices, as well as the stable trajectory of the Turkish Lira, impacted expectations by a decline of 2.3 points.
However, the impact of higher food prices pushed the bank’s estimate up 1.5 points, with the stronger-than-expected domestic demand trajectory contributing to the 0.2 point rise in the forecast.
Turkey’s inflation rate fell in April for the sixth consecutive month, reaching 43.6% on an annual basis, but consumer prices rose 2.39% in one month, as reported by the Turkish Statistical Institute.
According to official figures, inflation in Turkey reached 50.5% in March, after reaching 85.5% in October.
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