(MENAFN) According to the Turkish central bank, the country's inflation for this year and 2015 will be higher than the previous forecasts, although falling oil prices could temper its rise, The Peninsula Qatar reported.
Inflation in now expected to be around 8.9 percent at year-end, up from a previous forecast of 7.6 percent, Turkish central bank's Governor said while presenting quarterly inflation report.
The inflation forecast for 2015 was increased to 6.1 percent from 5 percent previously, while the bank's medium-term inflation forecast remained at 5 percent, he said.
The increase is attributed to higher food prices as a result of bad weather, along with lagged effects of currency depreciation as the main reasons for the change in this year's forecast.
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