Turkey’s Central Bank has readjusted its inflation forecast raising it from 6.5% to 8% for 2017, from 5% to 6% percent for 2018, and has announced 2019’s figure at 5% percent.
The Central Bank has also raised its forecast for food inflation to 9% from the previous forecast of 7% and has announced 2018’s figure at 7%.
Murat Cetinkaya, the Governor of the Central Bank of the Republic of Turkey, said that “our previous forecast on economic recovery in 2017 may be slower than we initially thought”.
The rapid rise of the Dollar against the Turkish Lira already has many analysts questioning Turkey’s economic health, some even claiming a crash is imminent. In the past Turkish President Erdogan has claimed on several occasions that the “interest rate lobby” is waging an economic war against Turkey.