Turkish central bank cuts year-end inflation forecast

2 August, 2019 12:00 AM printer

ANKARA: Turkish central bank on Wednesday cut the year-end inflation forecast to 13.9 percent from previous 14.6 percent.

The downward revision was due to lower food and import prices, as well as the decrease of inflation in the second quarter this year, Central Bank Governor Murat Uysal said in a meeting in Ankara, reports Xinhua.

The bank kept inflation forecasts for next year and 2021 unchanged at 8.2 percent and 5.4 percent. Turkey's inflation slowed to 15.7 percent in June from 18.7 percent in May.

Last year, Turkey's economy tipped into recession after a currency crisis, which was its worst in nearly two decades and sent inflation soaring to above 25 percent last October, a 15-year high.