Turkey's Central Bank on Jan. 30 announced its inflation forecasts for 2020-21 remain unchanged.
The bank projected Turkey's year-end inflation to stand at 8.2 percent at by the end of 2020 and 5.4 percent at end-2021, the governor Murat Uysal said during a meeting on inflation report 2020-I.
It is also expected to stabilize around 5 percent in the medium term, he added.
Average interest rates on deposits in the Turkish banking industry have been falling since the second half of 2019 and hit 9.6 percent, which marked a three-year low, state-run Anadolu Agency reported.
The country's Central Bank delivered a significant 1,275 basis point cut since July 2019, slashing its benchmark one week-repo rate from 24 percent to 11.15 percent.
Turkey is expected to post an economic growth figure for the past year, Treasury and Finance Minister Berat Albayrak forecast yesterday.
"We will end 2019 with a historic soft landing in terms of gross domestic product," Albayrak said at a meeting with journalists in Istanbul, adding that inflation will keep being a major indicator for 2020.
The consumer price index in December 2019 compared to November 2019 was 100.7%, i.e. the monthly inflation was 0.7%. The annual inflation in December 2019 compared to December 2018 was 3.8%, the National Statistical Institute (NSI) said in a press release.
The annual average inflation for January - December 2019 compared to the previous 12 months (January - December 2018) was 3.1%.
The annual inflation rate went up 4 percent in December 2019, from 3.8 percent in November, given that food prices increased by 5.08 percent and non-food prices by 3.31 percent, while the price of services registered an advance of 4.16 percent, according to data released on Tuesday by the National Institute of Statistics (INS). "In December 2019, consumer prices were 4.0 percent higher YoY.
Greece's annual EU-harmonised inflation rate accelerated in December, statistics service ELSTAT data showed on Monday.
The reading was 1.1 percent from 0.5 percent in November. The data also showed that headline consumer price inflation picked up to 0.8 percent from 0.2 percent in the previous month.