Turkish central bank raises year-end inflation forecast to 18.4 %

“We believe inflation will be 18.4% at the end of 2021, decreases to 11.8% in 2022, 7% in 2023, and stabilize at 5% over the medium term,” Kavcioglu said.

“Economic indicators show there was strong economic activity in the third quarter of 2022,” Kavcioglu underlined.

According to the report, the central bank sees the 2021 average oil price at $70.8 per barrel. (ILKHA)