Turkey raises year-end inflation estimate to 65.2% on imports
by Bloomberg Oct 27, 2022
Turkey’s central bank raised its projection for year-end inflation by nearly five percentage points, citing the higher costs of energy and other imports.
Governor Sahap Kavcioglu said Turkish consumer inflation would be around 65.2% at the end of 2022, up from the central bank’s July forecast of 60.4%, and slow to 22.3% next year.
The monetary authority delivered its most up-to-date baseline scenario for future consumer prices at a news conference where it also unveiled its last quarterly inflation report of the year. Kavcioglu said a normalization in global energy costs should help slow price gains next year even as he is cutting interest rates to single digits in line with demands by President Recep Tayyip Erdogan.
Consumer inflation accelerated to over 83% last month, the highest level in more than two decades and more than 16 times Turkey’s official target of 5%.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
CMA CGM PSS - From Northeast Asia to West Africa
In a continued effort to provide customers with reliable and efficient services, CMA CGM informs its customers of the following Peak Season Surcharge (PSS).
View ArticleCMA CGM PSS - From Far East to the Mediterranean & North Africa 2026
In a continued effort to provide customers with reliable and efficient services, CMA CGM informs its customers of the following Peak Season Surcharge (PSS).
View ArticleCMA CGM: PSS - From China & Southeast Asia to West Africa
In a continued effort to provide customers with reliable and efficient services, CMA CGM informs its customers of the following Peak Season Surcharge (PSS).
View ArticleTrade Unions united in Madrid for a democratic Europe
On 18 June, ETUC, CCOO and UGT brought together trade unions in the Spanish capital for a major mobilization.
View Article
Suspension of de minimis in EU: what awaits China-Europe e-commerce trade?
View Article
US-Iran deal to reopen Strait of Hormuz— but full container shipping recovery at least three months away
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
