Turkish Central Bank cuts year-end inflation forecast to 14.6%

Turkish Central Bank cuts year-end inflation forecast to 14.6%

Turkey's Central Bank lowered its year-end inflation outlook for 2019 at 14.6%, down from the previous 15.2%.

According to the bank, in 2019 inflation is expected to be between 11.9% and 17.3%, with a median of 14.6%, at the end of this year.

"Increased contributions from demand conditions to disinflation, deceleration in the underlying trend of inflation, as well as the significant decrease in oil and import prices assumptions together played an important role in the downward revision in inflation forecasts for 2019," Turkish Central Bank Governor Murat Çetinkaya said in the bank’s quarterly inflation report.

"In this respect, an additional tightening in monetary policy could be introduced when necessary," Hurriyet Daily cited him as saying.

The bank said that the inflation rate is expected to be between 5.1% and 11.3% in 2020.

According to Turkey's New Economic Program announced on Sept. 20, 2018, the inflation target for 2018 was 20.8%, 15.9% for this year, 9.8% for 2020, and 6% for 2021.

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