Economists expect fall in Turkey's October inflation

ISTANBUL-Anadolu Agency

Turkey's annual inflation rate is projected to drop to 8.41% in October, according to an Anadolu Agency survey on Nov. 1.

Turkey's annual inflation rate in September was 9.26%, dropping to single digits for the first time since July 2017.

The Turkish Statistical Institute (TÜİK) will announce October's consumer prices index on Nov. 5.

A group of 14 economists expect monthly inflation to average at 1.87%, varying between 1.02% and 2.21%.

The year-end inflation rate is estimated to reach 12.11%, with the lowest estimate at 11.5%, and the highest at 12.8%.

As laid out in Turkey's new economic program announced by the government this September, the country's inflation rate target is 12% for 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.