Turkey's Central Bank on Tuesday kept the country's year-end inflation forecasts at 14.6% this year, 8.2% next year, and 5.4% in 2021.
The inflation rate will fluctuate between 12.1% and 17.2% through end of this year, the bank's governor told a news conference in Istanbul to release the bank’s quarterly inflation report.
Saying that the improvement in the current account balance will continue in the coming days and a partial recovery in economic activity was seen in the first quarter, Murat Cetinkaya added:
"We project the inflation rate will stabilize at 5% in the medium term under a tight monetary policy stance and enhanced policy coordination."
The bank increased its food inflation forecast to 16% for 2019, up from 13% in the previous report, Cetinkaya noted.
Food inflation next year is expected to reach 11%, he said.
