An Anadolu Agency survey on Thursday expected a rise in Turkey’s annual inflation rate in August. 

A panel of 18 economists projected the inflation rate will hit 11.88% this month, up from 11.76% in July.

Next Thursday, the Turkish Statistical Institute will announce the consumer prices index for August.

The economists also forecast monthly inflation to average at 0.96%, varying between 0.32% and 1.41%.

The survey indicates that economists predict the year-end inflation rate to reach 10.97%, with the lowest estimate at 9.80%, and the highest at 13.74%.

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.

The government’s year-end inflation target is 8.5% for 2020, as laid out last September in its new economic program.

Meanwhile, Turkey’s Central Bank forecast year-end inflation to hit 8.9% in 2020.

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