Inflation expectations for 2023 rise: Survey
ANKARA
Inflation expectations for 2023 and 2024 have increased in August, the Central Bank’s regular survey has shown.
Participants of the survey revised upwards their end-2023 inflation expectations from 43.8 percent to 59.07 percent. They also lifted their forecast for the 12-month ahead inflation from a previous 33.3 percent to 42.1 percent.
Consumer prices are expected to increase by 5.54 percent in August from July, showed the bank’s Survey of Market Participants on Aug. 18.
Türkiye’s annual inflation rate climbed from 38.2 percent in June to 47.8 percent in July, with consumer prices rising 9.5 percent last month.
Respondents to the survey kept their GDP growth estimate for 2023 unchanged at 3.7 percent but revised downward their forecast for 2024 from 4.3 percent to 4 percent.
Participants of the survey said they expected the U.S. dollar/Turkish Lira rate to be 29.82 at the end of 2023, an upward revision from the previous survey’s 28.46.
They also lifted the current account deficit expectations for 2023 from $41.6 billion to $43.6 billion.
