ISTANBUL

Turkey’s annual inflation rate is forecast to rise to 14.34% in December, a panel of economists said on Wednesday.

The 19 economists polled by Anadolu Agency predicted a rise from November’s yearly rate of 14.03%.

On a monthly basis, the consumer price index survey ranged between 0.45% at its lowest and 1.91% at its highest – an average 1.02% increase.

The Turkish Statistical Institute is due to release the official inflation figures next Monday, on Jan. 4.

The Central Bank of Turkey expects the year-end inflation rate to hit 12.1% for 2020, while under Turkey’s new economic program for 2021-2023, the country’s inflation rate target for this year is 10.5%.

After hitting a yearly low of 10.94% in April, annual inflation rose to 14.03% in November, driven by rises in food and oil prices and the effects of exchange rate fluctuations.

*Tuba Sahin contributed to this story from Ankara

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 This material may not be published, broadcast, rewritten, or redistributed.