World Bulletin/News Desk
The inflation rate in Turkey for November is expected to increase by about 0.26 percent compared with October, a survey reveals.
The Anadolu Agency carried out the consumer price inflation survey Friday that showed estimates made by 19 economists.
The survey for the inflation rate ranged between -0.15 percent and 0.60 percent, or an average of 0.26 percent for November.
The year-end inflation is predicted at 9.19 percent, which is an average taken from estimates ranging between 9.5 percent and 8.9 percent.
Turkish Statistical Institute will release the official inflation figures Wednesday.
Inflation increased by 1.9 percent in October compared with September, reaching 8.96 percent compared with the same month last year, the institute said.
The inflation rate in Turkey rose above expectations in October, putting the annual inflation rate slightly above the Central Bank’s year-end forecast of 8.9 percent and even further beyond the five percent medium-term target.
Early November, Central Bank Governor Erdem Basci said inflation would reach a mid-point of 8.9 percent in 2014, up from the 7.6 percent forecast in the bank's previous report.
Basci also said high food prices because of bad weather, mainly due to lack of rain, was the main reason for the change in this year’s inflation forecast.
The Central Bank of Turkey expects inflation rate in the country to decrease in the last months of 2014 and early 2015 because of its implementation of a tight monetary policy since the beginning of this year.
Meanwhile, the Central Bank has left its benchmark interest rate at 8.25 percent for a fourth month on Nov. 23.
Interest rates have been a matter of debate in Turkey for some time.
The Central Bank insists on maintaining high interest rates until clear signs of improvement in the inflation outlook materialize.
Government officials have repeatedly criticized the policy, calling it a limiting factor for economic growth.
Binali Yildirim says thaw in relations with Russia is not alternative to Europe
29,899 ‘illegal’ Afghan migrants arrive in Turkey during first 4 months of 2018, says Suleyman Soylu
Council of Europe Parliamentary Assembly urged Turkey to postpone early elections
Turkey-Azerbaijan relations are 'at the best level ever', says President Ilham Aliyev at Turkish parliament
US president used 'inaccurate expressions and the subjective interpretation of history', Foreign Ministry says
'May we all turn enmity into empathy, and wounds into bonds' says British Minister Alan Duncan
Turkey's Deputy Prime Minister Mehmet Simsek to participate at forum
CHP leader predicts his party will win 301 parliamentary seats and take presidency with 60 percent votes in early elections
Number of students within Turkey's Maarif Foundation is expected to rise to 20,000 in near future
Divisive language used by some politicians contributes to the rise of extremism in Western Europe, says Mevlut Cavusoglu
President: Turkey 'will do what is necessary for nation's tranquility', whether it's in country's east, north Iraq or Syria
First official visit to foreign country by Azeri president following reelection