Turkey’s annual inflation rate is projected to rise to 17.17% in May, an Anadolu Agency survey found on Friday.
Turkey’s annual inflation rate in April was 17.14%, up 0.95 percentage point from the previous month.
The Turkish Statistical Institute will announce the May consumer prices index on June 3.
A group of 14 economists polled by Anadolu Agency forecast that monthly inflation averaged at 1.39%, varying between 1.18% and 1.73%, in May.
Turkey’s Central Bank increased the country’s year-end inflation forecast to 12.2% for this year, up from 9.4% in its previous report.
The government’s year-end inflation rate target is 8% for 2021, under the new economic program announced last September.
Since the beginning of this year, annual inflation rose steeply from 14.60% in December 2020. The figure was 14.97% in January and 15.61% in February.