Turkey Yearly Inflation Miss Sets Stage for High Rates Into 2021

Turkey’s year-end inflation rate is set to exceed even the central bank’s bumped-up forecast, leaving Governor Naci Agbal with little choice but to keep access to credit tight well into 2021.

Data due Monday will probably show consumer prices rose an annual 14.2% through December, up from 14% the previous month, according to the median estimate in a Bloomberg survey. That’s higher than the central bank’s raised October forecast of 12.1%, and nearly triple the target of 5%.