Turkish Finance Minister predicts inflation at 48-49pc by end of 2022

Turkey's inflation is projected to stand at 48-49 per cent by the end of this year, while by the end of 2023, it is expected to decrease to 19.9 per cent, Turkish Finance Minister Nureddin Nebati said on Monday.

Turkey's annual inflation rate accelerated up to 73.5 per cent last month compared to 69.97 per cent in April, according to the Turkish Statistical Institute (TurkStat). The Turkish Central Bank upgraded last month year-end inflation forecast from 46.44 per cent to 57.92 per cent.

"By the end of 2022, Turkey's inflation is projected to be at 48-49 per cent, 19.9 per cent by the end of 2023," Nebati said, as quoted by the Milliyet newspaper.

The official added that in the short term, neither an increase in the interest rate nor its decrease is considered. (ANI/Sputnik)

( With inputs from ANI )