Turkish inflation seen virtually unchanged for fourth month - poll

Turkey’s inflation rate is expected to remain almost unchanged for a fourth-straight month, according to a survey conducted by the state-run Anadolu news agency.

Annual consumer price inflation may edge up to 11.76 percent from 11.75 percent in September, Anadolu said on Thursday, citing a poll of 17 economists. CPI was 11.77 percent in August and 11.76 percent in July.

The Turkish central bank and government have both raised their estimates for year-end inflation over the past month after the lira slid to record lows against foreign currencies. The central bank kept the benchmark interest rate unchanged at 10.25 percent in October, preferring to tighten monetary policy by other means to tackle price rises.

Year-end inflation was forecast at 12.06 percent, according to the average estimate in the Anadolu poll, with predictions ranging from 10.75 percent to 13.74 percent.   

The Turkish Statistical Institute is due to publish official inflation data on Tuesday.

Earlier this week, the central bank increased its year-end inflation forecast to 12.1 percent from a previous 8.9 percent. The government increased its estimate for 2020 CPI to 10.5 percent from 8.5 percent when announcing a three-year economic programme in late September.