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Financial News: Turkish CB Trims Inflation Forecast

Turkish CB Trims Inflation Forecast

07/31/2019 - 10:40:00 (RTTNews)

(RTTNews) - Turkey's central bank cut its year-end inflation forecast on Wednesday, citing improved inflation expectations due to disinflation and a tight monetary policy stance.

In its latest Inflation Report, the TCMB trimmed the consumer inflation forecast for end-2019 to 13.9 percent from 14.6 percent projected in April.

Downward revisions to import prices and food prices had a positive impact on the forecast, the bank said.

The inflation forecast for 2020 were left unchanged at 8.2 percent, as downward and upward effects balanced out, the bank said. The projection for 2021 was maintained at 5.4 percent.

The bank also lowered the year-end food inflation forecast for this year, to 15 percent from 16 percent. The projections for the next two years were left unchanged.

On July 25, the TCMB slashed its key interest rate by a massive 425 basis points to 19.75 percent, citing an improving inflation outlook.

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