Citizens felt “inflation” rate surprised! The striking figures of the latest survey…

Citizens felt "inflation" rate surprised!  The striking figures of the latest survey...

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All of Turkey turned their eyes to Friday for the critical data to be announced. The forecasts became clear ahead of the inflation figures for May, which will be announced by the Turkish Statistical Institute (TUIK) on Friday, June 3 at 10:00 am. According to the Central Bank of the Republic of Turkey (CBRT) participant survey, the CPI expectation after 12 months was 28.41% in the previous survey period, while it was 33.28 % during the investigation period in May.

In April, the inflation rate announced by TURKSTAT was 7.25% on a monthly basis and 69.97% on an annual basis.

In the second inflation report of the year, the Central Bank of the Republic of Turkey (CBRT) raised its inflation forecast for the end of 2022 from 23.2% to 42.8%. In his presentation, Kavcıoğlu noted that the reading strategy is the essential part of the Central Bank’s policy review process. He said that they will implement additional measures to increase the demand and use of Turkish lira securities as collateral in the financing structure in the very near future.

THE CITIZEN’S PULSE MEASURES

While the opinion that inflation will continue to rise prevails in the market, the survey prepared by MAK Consulting attracts attention. Thus, 41% of respondents answered the question “What is the inflation rate of last year that you estimate independent of official statements or not, in your opinion?” between 111% and 120%.
The rate of those who said they believed the official figures announced in the question in question remained at 3%. The rate of those who say inflation is between 70-90% is 9%, the rate of those who say it is between 90-100, 23%, the rate of those who say it is between 120-150, 13%, and the rate of those who say it is over 150% is 8%.

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“WE WILL BREAK THE STRENGTH OF INFLATION EXPECTATIONS”

Treasury and Finance Minister Nureddin Nebati said they aimed to break the rigidity of inflation expectations during the 21st Ordinary General Assembly of the Association of Participatory Banks of Turkey (TKBB) and used the statements following:
“The most important factor in the current inflation reaching these numbers has turned into expectations. Our focus now is on correcting expectations, which is one of the main causes of inflation. We will get there hand in hand , taking steps together, and with our hearts. We have been holding one-on-one meetings with relevant industry organizations for days. We are putting the numbers in front of them. We are making it clear that we oppose exorbitant practices and sharing them clearly. We have an effort, our effort is to bring inflation under absolute control in Turkey and to progress in accordance with our objectives.

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