Annual inflation rate in Turkey is projected to drop to 12.03% in July, according to an Anadolu Agency survey conducted on Wednesday.

In June, Turkey’s annual inflation rate stood at 12.62%.

On Tuesday, the country’s statistical authority (TurkStat) will announce the July’s consumer prices index.

A group of 15 economists expect monthly inflation to average at 0.82%, varying between 0.30% and 1%.

According to economists’ average year-end estimates, annual inflation would be 9.54% — with the lowest estimate at 8%, and the highest at 10.33%.

On Wednesday, the Central Bank of Turkey revised its year-end inflation forecast as 8.9% this year, up from 7.4%.

As noted in the bank’s third inflation report, the figure will fluctuate between 6.9% and 10.9% through the end of 2020.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% in October 2018.

Under Turkey’s new economic program announced by the government last September, the country’s inflation rate target is 8.5% this year.

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