Turkey's central bank raised its year-end annual inflation forecast to 60.4% from 42.8% three months ago, and lifted its end-2023 mid-point forecast to 19.2% from 12.9%, a presentation by Governor Sahap Kavcioglu showed on Thursday, APA reports citing Reuters.
The inflation report presentation showed the estimated range of inflation reaching nearly 90% in the autumn, after it neared 79% last month following a series of unorthodox interest rate cuts last year and rising energy prices.
The central bank targets a range around 5% and has consistently underestimated price pressure over the last two years. A Reuters poll showed economists expect inflation of 70% at the end of this year.
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