“Inflation will decline to 19.2% by the end of next year and eventually land at 8.8% in 2024,” Governor Sahap Kavcioglu said while unveiling his latest forecasts and the monetary authority’s quarterly inflation report at a news conference in Ankara.

However, it will remain higher compared to the central bank's 5% inflation target.

The annual rate of inflation from June 2021 to June 2022 is reported to have reached 78.6%, with food prices doubling and transport costs increasing by 123%.

Since the beginning of the year, the Turkish lira has lost about 20% of its value against the US dollar. (ILKHA)