Turkish Central Bank presumes inflation at 7.6 pct for 2014
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Turkey's Central Bank estimates inflation in 2014 will be between 6.7 and 8.5 percent.
Turkey's Central Bank on Thursday has kept its inflation forecast in 2014 to a mid-point of 7.6 percent, and the 2015 inflation forecast at the mid-point of 5 percent.
At a news conference announcing the bank's quarterly inflation report in the capital Ankara, the bank governer Erdem Basci said "Inflation is to be at the mid-point at 7.6 percent between 6.7 percent and 8.5 percent by the end of 2014. The 2015 inflation is forecast to be between 3.3 percent and 6.7 percent with the mid-point at 5 percent.
Basci also cited improvements in the inflation outlook and in global liquidity conditions as reasons for reducing the benchmark one-week repo rate three times in the last three months to 8.25 percent.
The average price level of everyday consumer goods in June rose 0.31 percent in Turkey - well above economists' expectations, according to the country's statistical authority.
According to a report released by Turkstat, the Consumer Price Index rose 9.16 percent compared to the same month last year - fifty points less than the country´s yearly inflation in May.
On June 23, The World Bank stressed the inflation rate, which was well above the Central Bank's 5 percent goal at 9.7 percent in May, still posed some risk.
At a news conference announcing the bank's quarterly inflation report in the capital Ankara, the bank governer Erdem Basci said "Inflation is to be at the mid-point at 7.6 percent between 6.7 percent and 8.5 percent by the end of 2014. The 2015 inflation is forecast to be between 3.3 percent and 6.7 percent with the mid-point at 5 percent.
Basci also cited improvements in the inflation outlook and in global liquidity conditions as reasons for reducing the benchmark one-week repo rate three times in the last three months to 8.25 percent.
The average price level of everyday consumer goods in June rose 0.31 percent in Turkey - well above economists' expectations, according to the country's statistical authority.
According to a report released by Turkstat, the Consumer Price Index rose 9.16 percent compared to the same month last year - fifty points less than the country´s yearly inflation in May.
On June 23, The World Bank stressed the inflation rate, which was well above the Central Bank's 5 percent goal at 9.7 percent in May, still posed some risk.
