The Turkish Central Bank on April 30 revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%.
The 0.8 percentage point fall was driven by the downward revision in the projections of the output gap and food inflation, the Central Bank governor said while presenting the second inflation report.
The annual inflation rate kept steady at 3 percent this March, as food grew by 5.11 percent more expensive, service prices advanced 3.8 percent and non-food prices went up 1.39 percent, shows data released on Friday by the National Institute of Statistics (INS). March 2020 consumer prices were 0.5 percent higher compared to February and 1.16 percent up from December 2019.
Consumer prices in Turkey went up 11.86 percent in March compared to the same month last year, the Turkish Statistical Institute (TÜİK) announced on March 3.
The annual inflation rate in March was down from 12.37 percent the previous month, according to TÜİK.
The highest price rise last month was seen in alcoholic beverages and tobacco, surging 40.19 percent on a yearly basis.