August annual consumer inflation seen at 55.2 pct: Survey

ISTANBUL

Türkiye's annual inflation rate is expected to decrease to 55.2 percent in August, down from 61.78 percent in July, according to an Anadolu Agency poll of economists.

The survey found that the monthly inflation rate is projected to be 2.64 percent for August, a decrease from 3.23 percent in July.

The economists' forecast for year-end annual inflation is 42.84 percent.

Treasury and Finance Minister Mehmet Şimşek previously predicted that August inflation would be around 50 percent, noting that Türkiye has moved past the "hardest" period of inflation.

Şimşek also emphasized that the country aims to close 2024 with the Central Bank’s target of 38 percent inflation, with plans to reduce the rate to below 20 percent in 2025 and below 10 percent in 2026.

The Turkish Statistical Institute (TÜİK) will unveil the nationwide August inflation data on Sept. 3.

A separate survey by Anadolu showed that economists predict that the Turkish economy expanded by 3 percent in the second quarter of 2024.

Economists forecast a 3.24 percent GDP growth for 2024.

In the second quarter of 2023, the Turkish economy recorded a 3.9 percent year-on-year growth, while in the first quarter of 2024, the country’s GDP increased by 5.7 percent.