14 economists participated: February inflation forecast announced

According to the inflation survey conducted by Reuters with the participation of 14 economists, inflation at the end of 2024 is expected to be at 42.7 percent, well above the Central Bank's (TCMB) forecast of 36 percent.

In the Reuters survey, annual inflation forecasts for February range between 65.1 percent and 67.4 percent, while monthly forecasts are shaped in the range of 3.3 percent to 4.1 percent. 

The year-end forecast range in the survey fluctuates between 35 percent and 45 percent.

Economists assess that the rise in monthly inflation is due to price increases in sectors such as food and transportation, as well as the impact of the 49 percent minimum wage hike at the beginning of the year spilling over into prices in the service sector.

With the effect of price adjustments made at the beginning of the year, which the economic administration described as temporary, and the minimum wage hike, the CPI showed a significant increase of 6.7 percent monthly in January, while it stood at 64.86 percent annually.

News Source: 12punto