STORY: Türkiye raises inflation forecasts for 2024, 2025
SHOOTING TIME: Nov. 8, 2024
DATELINE: Nov. 9, 2024
LENGTH: 0:01:09
LOCATION: Ankara
CATEGORY: ECONOMY

SHOTLIST:
1. various of the press conference 
2. SOUNDBITE 1 (Turkish): FATIH KARAHAN, Turkish Central Bank Governor
3. various of press conference
4. SOUNDBITE 2 (Turkish): FATIH KARAHAN, Turkish Central Bank Governor

STORYLINE:

Türkiye's central bank announced Friday an upward revision to its year-end inflation forecasts, which previously stood at 38 percent for 2024 and 14 percent for 2025.

SOUNDBITE 1 (Turkish): FATIH KARAHAN, Turkish Central Bank Governor   
"We have revised our inflation estimates upward to 44 percent for 2024 and 21 percent for 2025. Looking further ahead, we expect the inflation to decrease to 12 percent by the end of 2026."

The central bank attributes the revised forecasts to various economic pressures and maintains that its cautious monetary policy will help to curb inflation.

SOUNDBITE 2 (Turkish): FATIH KARAHAN, Turkish Central Bank Governor   
"Our disinflation process continues. Macroeconomic indicators are also in line with this process. We assess that domestic demand continues to decline and reaches levels that support disinflation. In accordance with this slowdown, the current account deficit continues to decline."
   
Türkiye has been grappling with high inflation amidst one of the worst cost-of-living crises in its history.
   
Since June 2023, the country has tightened its monetary policy significantly, with the central bank raising its key interest rate from 8.5 percent to 50 percent. The interest rate has been kept unchanged since March of this year to allow the tightening to have an impact.
   
According to official data, Türkiye's annual inflation rate slowed to 48.58 percent in October, staying below 50 percent for the second consecutive month.

Xinhua News Agency correspondents reporting from Ankara.
(XHTV)