Turkey’s annual inflation rate to decrease to 42.95 percent by end of 2024
Date
7/22/2024 8:25:58 AM
(MENAFN) According to a survey released by Türkiye's Central bank on Monday, the country's annual inflation rate is projected to decrease to 42.95 percent by the end of this year. This new projection represents a slight improvement from the previous estimate of 43.52 percent, which was based on market participants' expectations. The survey also provided forecasts for the coming years, predicting a 12-month-ahead inflation rate of 30.02 percent, down from 31.79 percent, and a 24-month-ahead inflation rate of 19.32 percent, down from 20.33 percent.
Mehmet Şimşek, Türkiye's Treasury and Finance Minister, commented on the X platform that the improved inflation expectations, despite the actual rise in annual inflation, demonstrate confidence in the government's policies aimed at reducing inflation. Şimşek acknowledged that while monthly inflation is expected to increase in July due to temporary factors, a significant decline in annual inflation is anticipated over the longer term. He emphasized that the effects of the disinflationary policies would become more apparent in the coming months, indicating a positive outlook for the country's economic stability.
In recent months, Türkiye's inflation rate has shown signs of deceleration. The annual consumer inflation rate slowed to 71.60 percent in June, a decrease from 75.45 percent in May. This trend suggests that the government's efforts to manage inflation are beginning to take effect, and further reductions in the inflation rate are expected as the year progresses.
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