Annual rate of inflation is expected to fall to 43.75% by the end of 2024. Inflation on a monthly basis reached 3.16%, down from 4.53% in February and 6.7% last January.
The Justice and Development Party, led by President Recep Tayyip Erdogan, lost control of several regions last Sunday. The central bank, as part of a strong monetary tightening cycle since last June, surprised analysts when it raised its benchmark interest rate by another 500 basis points last month.