JPMorgan ups Turkey inflation, interest rate forecasts
Reuters
Published Sep 04, 2023 10:12AM ET
LONDON (Reuters) - Higher-than-expected inflation data for August published on Monday prompted JPMorgan to revise its year-end inflation forecast to 65% from 62% with the annual rate now expected to peak at 73% in May 2024, according to the Wall Street bank.
The bank also said it saw upside risks to its year-end policy rate forecast, which it kept at 35%, but predicted that the central bank's key interest rate would end next year at 45% rather than previous estimates of 40%.
"August CPI suggests protracted disinflation process," JPMorgan's Fatih Akcelik said in a note to clients.
"Since we expect persistent inflation, we forecast more monetary tightening to address inflationary pressures after March 2024 municipal elections."
Turkey's annual inflation rate surged to a higher-than-expected 58.94% in August, official data showed earlier on Monday, rising for a second month after a steep fall in the lira currency and recent tax increases.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.