Turkish Finance Ministry: Inflation rate to reach 48-49% by year-end

Inflation in Turkiye by the end of this year is projected at 48-49%, Turkish Finance Minister Nureddin Nebati said, Report informs referring to Turkish media.

He noted that by the end of 2023, this figure is expected to drop to 19.9%.

Annual inflation in Turkiye in May accelerated to 73.5% from 69.97% in April, the country’s Institute of Statistics reported earlier.

The Central Bank of Turkiye in May raised its inflation forecast for the end of 2022 from 46.44% to 57.92%. This year, the regulator keeps the discount rate unchanged at 14%.

The minister also stated that neither an increase in the interest rate nor its reduction is considered in the short term.