Turkey’s Annual Inflation Rate Increases 14.6% YoY in December 2020

Turkey’s inflation rate witnessed a 14.6% year-on-year (YoY) increase in December 2020, higher than the 11.84% YoY increase reported in December 2019, according to a recent announcement by the Turkish Statistical Institute (TurkStat), the country’s national statistical body.

The inflation rate was slightly higher than that projected by Anadolu Agency’s panel of economists, who forecast the annual inflation in December 2020 to rise by 14.34% YoY. Meanwhile, the Central Bank of Turkey predicted the year-end inflation rate to hit 12.1% for 2020, while the country’s inflation rate target under Turkey’s new economic program for 2021-2023 was set at 10.5%, as reported by local media.

Turkey’s annual inflation rate increased 0.57 percenta...