Goldman Sachs and JP Morgan raised their inflation forecasts for Turkey. While Goldman Sachs predicts that inflation will remain above 65 percent for most of this year, it shared its forecast that peak levels can be seen around 67 percent in May and June.
Goldman Sachs previously predicted that annual inflation in Turkey would remain above 60 percent throughout 2022.
JP Morgan also shared its forecast that inflation will remain in the range of 65-70 percent until very close to the end of the year. The institution had increased its year-end inflation forecast to 40.2 percent last month.
According to the data released today, annual inflation renewed its 20-year peak with 61.14 percent in March. The highest increase in March was experienced in transportation due to the price hikes in fuel products. The gap between producer-consumer inflation also broke a record in March.