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The Central Bank of the Republic of Türkiye revised its year-end inflation forecast upward for 2024 while maintaining earlier projections for 2025 and 2026, CBRT Governor Fatih Karahan announced during the second inflation outlook report of the year Thursday.
Annual consumer inflation is expected to reach 38% this year, up 2 percentage points from the previous forecast, Karahan told a meeting in Ankara.
He said the year-end inflation forecasts for 2025 and 2026 were kept at 14% and 9%, respectively, and inflation is targeted to stabilize at 5% in the medium term.
Karahan stressed that the bank is determined to maintain its tight monetary policy stance until inflation falls to its target.
According to the latest data from the country’s statistical office, Türkiye’s annual inflation rate rose to 69.8% in April from 68.5% in March.
The central bank lifted its benchmark one-week repo rate to 50% as of March in a bid to contain elevated inflation.
