Economists polled by Anadolu Agency on Friday projected Turkey’s inflation rate in January to hit 11.92%.

The country’s year-end inflation rate in 2019 was 11.84%.

The Turkish Statistical Institute (TurkStat) will announce the January’s consumer prices index on Monday.

A panel of 11 economists projected monthly inflation to average at 1.14%, varying between 0.80% and 1.50%.

The year-end inflation rate is estimated to reach 9.91%, with the lowest estimate at 8.5%, and the highest at 12%.

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

Read more: Economists project rise in Turkey's January inflation