Türkiye's Central Bank on Friday raised its year-end inflation forecast for 2024, 2025 and 2026.

Annual consumer inflation is projected to reach 44% this year, and from the previous forecast of 38%, Governor Fatih Karahan told a meeting to release the bank’s fourth and last inflation report for this year.

The year-end inflation forecast for 2025 raised to 21%, up seven percentage points from the previous report.

"We foresee that inflation will decline to 12% in 2026," Karahan said, adding that inflation is targeted to stabilize at 5% in the medium term.

The previous projection for 2026 was 9%.

Falling for the fifth straight month, Türkiye's annual consumer inflation rate eased to a 15-month low of 48.58% in October, according to the latest data from TurkStat.