Turkey鈥檚 central bank on Friday increased its year-end inflation forecast to 24 per cent from 21 per cent.
Turkey has experienced double-digit inflation since 2019, making life increasingly expensive for millions of people, notably hitting the cost of education, housing, healthcare, hotels and restaurants.
Speaking at a briefing in Istanbul on the 2025 Inflation Report, bank governor Fatih Karahan said the inflation forecast was set at 12 per cent for 2026 and eight per cent for 2027.
He said the revision of the inflation forecast for this year did not signal any easing in Turkey鈥檚 monetary policy stance.
Last month, the bank lowered its key interest rate to 45 per cent.
The move came after the central bank cut its rate for the first time in two years in December, saying its efforts to tame sky-high inflation were starting to pay off.
Turkey鈥檚 annual inflation slowed in January for the eighth consecutive month to 42.1 per cent.