Turkish inflation forecasts leap after overshoot
Governor says inflation will converge to target in long run, despite being far above forecast bands
The Central Bank of the Republic of Turkey has sharply increased its inflation forecasts, as prices have climbed far faster than its projections earlier in the year implied.
Presenting the latest inflation report on July 31, the bank’s governor Murat Çetinkaya said inflation was likely to be 13.4% at the end of 2018, a slight decline on its current level of 15.4%. The previous inflation report, published in April, predicted inflation would drop to 8.4% by the end of the year, a full five
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