Turkey's inflation expected to be 6.8 pct at end of year

Inflation is expected to be between 6.3 percent and 7.3 percent with an average of 6.8 percent at the end of 2013.

Turkey's inflation expected to be 6.8 pct at end of year

World Bulletin / News Desk

Turkey’s Central Bank announced on Thursday its quarterly inflation report for 2013 with a press conference in Istanbul.

"Inflation is expected to be, with 70 percent probability, between 6.3 percent and 7.3 percent (with an average of 6.8 percent) at the end of 2013, and between 3.8 percent and 6.8 percent (with a mid-point of 5.3 percent) at the end of 2014. Inflation is expected to stabilize around 5 percent in the medium term," Central Bank Governor Erdem Basci said.

"As a result, inflation forecasts for 2013 and 2014 were revised upwards by 0.6 and 0.3 percentage points, respectively in the inter-reporting period. 0.4 percentage points of the revision in 2013 was led by exchange rate developments, while 0.1 percentage points stemmed from the rise in average oil price assumption," he continued.

"When evaluated together with output gap forecasts, these cost-driven factors are expected to push the inflation rate in 2014 up by 0.3 percentage points," Central Bank Governor emphasized.

Last Mod: 31 Ekim 2013, 17:02
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