The International Monetary Fund (IMF) on Tuesday raised its forecast for Turkey’s average inflation this year to 31.2 percent from 28.6 percent in April, while cutting its economic growth projection.
The fund expects average consumer price inflation of 26.5 percent in 2027, up from 21.4 percent in its April forecast. The estimates appear in its October World Economic Outlook.
Its separate year-end inflation projections stand at 29.9 percent for 2026 and 23.7 percent for 2027. Those figures measure December prices against the same month a year earlier, while annual-average inflation compares prices across the full year.
The IMF lowered Turkey’s growth forecast for this year to 2.7 percent from 2.9 percent in July, leaving its 2027 projection unchanged at 3.6 percent.
Turkey’s annual inflation fell to 29.73 percent in September from 31.51 percent in August, according to the Turkish Statistical Institute (TurkStat). Turkey’s central bank kept its benchmark interest rate at 37 percent in September as it sought to curb price increases.
Turkey depends on imported oil and natural gas, exposing its economy to rising energy costs. Prolonged fighting in the Middle East could push up energy and food prices, weaken growth and add to inflation, the IMF warned.
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