ISTANBUL

Turkey’s annual inflation rate in May will drop to 10.90%, down from 10.94% in April, a panel of economists surveyed by Anadolu Agency projected on Friday. 

The consumer price index survey of 18 economists yielded an average forecast of 0.92% on a monthly basis, with responses ranging between 0.50% and 1.67%.

The Turkish Statistical Institute (TurkStat) is set to announce official inflation figures for May on Wednesday.

Year-end inflation is expected to hit 9.8%, according to the survey, while the government’s target is 8.5% for 2020 as laid out in the new economic program.

Turkey’s Central Bank’s year-end inflation forecast stands at 7.4% for 2020, down from its previous projection thanks to a downward revision in the output gap and food inflation.

*Writing and contributions by Tuba Sahin from Ankara

Copyright 2021 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.