Inflation expectations for 2024 deteriorate slightly: Survey

ANKARA

Inflation expectations for the end of 2024 increased from 43.1 percent in August to 44.1 percent in September, a Central Bank survey has shown.

The 12-month ahead inflation expectations, however, fell from 27.5 percent to 27.4 percent, according to the monthly survey of market participants.

The 24-month ahead inflation forecasts eased from 18.38 percent to 18.08 percent.

Consumer prices are expected to increase by 2.39 percent in October, showed the survey.

Türkiye’s annual inflation rate declined from 51.97 percent in August to 49.38 percent in September with consumer prices rising 2.97 percent month-on-month.

In its medium-term program, the government’s inflation target for the end of 2024 is 41.5 percent. It expects the annual inflation to decline to 17.5 percent next year and further down to 9.7 percent in 2026.

Participants of the survey slashed their GDP growth forecasts for 2024 from 3.2 percent to 3.1 percent, while lowering growth expectations for 2025 from 3.4 percent to 3.3 percent.

The Central Bank’s regular survey monitors the expectations of experts and decision-makers from financial and real sectors related to various economic variables.

Türkiye’s economic growth slowed from 5.3 percent in the first quarter to 2.5 percent in the second quarter.

The government’s GDP growth targets for 2024 and 2025 are 3.5 percent and 4 percent, respectively.