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Türkiye's Central Bank revises inflation forecasts for 2024, 2025, 2026
(MENAFN) Türkiye's Central bank has revised its inflation forecasts for 2024, 2025, and 2026, raising expectations for consumer inflation in the coming years. Governor Fatih Karahan announced on Friday that the inflation forecast for 2024 has been increased to 44 percent, up from the previous estimate of 38 percent. This adjustment reflects the ongoing challenges in controlling inflation, which has remained a significant concern for the Turkish economy.
For 2025, the inflation forecast has been revised upwards to 21 percent, marking a 7 percentage point increase compared to earlier projections. Governor Karahan emphasized that the government expects inflation to gradually decline, with a forecast of 12 percent for 2026. However, he reiterated that the long-term goal is to stabilize inflation at a more manageable level of 5 percent in the medium term, a target that remains central to Türkiye's monetary policy strategy.
The latest figures indicate a slight improvement in Türkiye's inflation trajectory. Consumer inflation eased for the fifth consecutive month in October, falling to a 15-month low of 48.58 percent, according to data from TurkStat. Despite this decline, inflation continues to be significantly higher than desired, prompting the Central Bank to adjust its projections for the coming years.
The revised forecasts reflect both the challenges and the ongoing efforts of the Turkish Central Bank to bring inflation under control. With inflation rates expected to remain elevated in the short term, the central bank's focus will likely remain on achieving its long-term goal of inflation stabilization, while also addressing the broader economic conditions that continue to influence price pressures.
For 2025, the inflation forecast has been revised upwards to 21 percent, marking a 7 percentage point increase compared to earlier projections. Governor Karahan emphasized that the government expects inflation to gradually decline, with a forecast of 12 percent for 2026. However, he reiterated that the long-term goal is to stabilize inflation at a more manageable level of 5 percent in the medium term, a target that remains central to Türkiye's monetary policy strategy.
The latest figures indicate a slight improvement in Türkiye's inflation trajectory. Consumer inflation eased for the fifth consecutive month in October, falling to a 15-month low of 48.58 percent, according to data from TurkStat. Despite this decline, inflation continues to be significantly higher than desired, prompting the Central Bank to adjust its projections for the coming years.
The revised forecasts reflect both the challenges and the ongoing efforts of the Turkish Central Bank to bring inflation under control. With inflation rates expected to remain elevated in the short term, the central bank's focus will likely remain on achieving its long-term goal of inflation stabilization, while also addressing the broader economic conditions that continue to influence price pressures.
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