Turkey's annual inflation is expected to fall sharply to 66.8% in December due to a favourable base effect but drop only to 43.2% by the end of 2023, a Reuters poll showed on Wednesday, while monthly price rises should remain elevated.
The end-2023 forecast is nearly twice that of the government, and raises the prospect of continued cost-of-living strains as Turks vote in tight presidential and parliamentary elections next year.
In the Reuters poll of 12 economists, the median estimate for annual December inflation was 66.8%. Forecasts ranged between 64.60% and 69.1%, largely in line with the government's forecast of 65%. "Fuel prices fell in parallel with oil prices this month electricity and natural gas prices were stable... e expect the energy group will pull down headline inflation in December," Cicek said, adding rising demand elevated furniture, electronic devices and food prices.
Ankara says the programme will help turn Turkey's chronic current account deficits to a surplus, which it says will lead to a lasting fall in inflation.
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