Turkey’s central bank on Wednesday revised its year-end inflation forecast to 8.9% for 2020, up from 7.4%.

The 1.5 percentage point increase is driven by upward revision in oil prices, and food inflation projections, said central bank governor Murat Uysal while presenting the third annual inflation report.

He said the inflation figure is expected to fluctuate between 6.9% and 10.9% this year, and could drop to 6.2% by the end of 2021.

“Even if uncertainties regarding the global economy are taken into account, the second wave [of coronavirus] will not restrict economic activities as compared to the first,” he said.

The revisions, the governor said, are based on the assumption that there would be no second wave, and the world economy will start recovering.

The country’s annual inflation rate in June was 12.6%, while the 12-month rolling rate was 11.88%, according to official figures.

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