The Central Bank of Turkey announced at a briefing on Thursday that it has revised its inflation forecasts and now expects them to grow by as much as 42.8% by the end of 2022, compared to a previous inflation forecast of 23.2%.

"Inflation, which has risen as a result of supply constraints during the pandemic process, is already rising due to rising commodity prices in view of growing geopolitical risks," the central bank said.

They added that "global inflation is exceeding the highest levels in recent history, while expectations of global growth are deteriorating rapidly."

The bank said that the normalization of energy prices will be an important factor in reducing inflation in the country.

Earlier this month, the country's official statistics reported that inflation in Turkey rose to a 20-year high of 61.14% in March from the same month in 2021.

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