Turkey: Survey expects annual inflation fall in Sept.

By Murat Aslan

ISTANBUL (AA) - Consumer prices in Turkey are expected to rise 9.64% year-on-year in September, according to an Anadolu Agency survey on Tuesday.

Turkey's annual inflation rate stood at 15.01% in August.

The country's statistical authority TurkStat will release the September's consumer price index on Thursday.

A group of 14 economists forecast monthly inflation of 1.34%, with predictions varying between 0.98% and 1.65%.

In August, consumer prices in Turkey rose by 0.86% on a monthly basis.

According to economists' average year-end estimates, annual inflation would be 12.99% -- with the lowest estimate at 9.8%, and the highest at 13.93%.

Under Turkey's new economic program announced by the government on Monday, the country's inflation rate target is 12% this year, 8.5% next year, and 6.0% in 2021.

At the end of this July, the Central Bank of Turkey lowered the country's year-end inflation forecast to 13.9%, down from its previous forecast of 14.6%.

As noted in the bank’s latest inflation report, the figure will fluctuate between 11.5% and 16.3% through the end of 2019.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% in October 2018.

*With writing and contributions by Muhammed Ali Gurtas from Ankara