Turkey inflation will be 18.4 percent by the end of 2021

Şahap Kavcıoğlu, President of the Central Bank of the Republic of Turkey (CBRT), spoke at the "Inflation Report 2021-IV Information Meeting" held at the Central Bank Headquarters. Kavcıoğlu stated that they have updated their food inflation assumptions upwards for 2021 and 2022, taking into account the increases observed in international prices and the developments in agricultural drought. Explaining that there has been no update in his assumptions regarding the external demand outlook compared to the previous reporting period, despite the increase in the uncertainties arising from the delta variant on global economic activity, Kavcıoğlu said, "There is a situation where fiscal policy and financial policies will be determined in a macro framework in coordination with monetary policy and in line with the downward path in inflation. "We have taken the medium-term outlook as the basis," he said. Kavcıoğlu also shared his inflation and output gap forecasts and said: "In line with our ...