Inflation report: optimistic and elusive

TURKEY - Report 29 Apr 2021 by Murat Ucer

The CBRT has released the second Inflation Report of the year, which, of course, was Governor Sahap Kavcioglu’s first report presentation, where he read prepared remarks including, oddly enough, during the Q&A session.

In the report, the Bank, raised its inflation forecast for end-2021 by 2.8 percentage points to 12.2% from 9.4% in the January report (both mid-points), as expected, but the revision remains modest and rather optimistic under the circumstances. The 2022 inflation forecast was also increased slightly to 7.5% from 7%, while the CBRT sees inflation declining to the official target of 5% by end-2023.

Now read on...

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