Türkiye’s Central Bank reported that inflation expectations for the end of 2025 increased in November, according to its monthly Survey of Market Participants.
The year-end consumer price index (CPI) forecast rose to 32.2 percent, up from 31.77 percent in the previous survey. Expectations for inflation 12 months ahead climbed slightly to 23.49 percent from 23.26 percent, while the 24-month outlook increased to 17.69 percent from 17.36 percent.
In its inflation report released earlier this month, the Central Bank maintained its interim inflation targets at 24 percent for 2025, 16 percent for 2026, and 9 percent for 2027. The Bank projected inflation to end 2025 in a range between 31 and 33 percent, before declining to between 13 and 19 percent by the end of 2026.
Türkiye’s annual inflation rate stood at 32.87 percent in October, marking the lowest level in the past 47 months.
The survey also revealed updated expectations for the exchange rate and economic growth. Participants forecast the year-end U.S. dollar/Turkish lira exchange rate at 43.42, down slightly from 43.56 in the previous survey. The 12-month exchange rate expectation rose to 50.62 from 49.75.
Growth projections showed modest improvement. The GDP growth forecast for 2025 increased to 3.4 percent from 3.3 percent, while the 2026 growth expectation remained unchanged at 3.8 percent.
