Consumer prices in Turkey expected 16.7% annual inflation in July

Consumer prices in Turkey are expected to rise 16.7% year-on-year in July, according to an Anadolu Agency survey on Friday.

Turkey's annual inflation rate stood at 15.72% in June.

The country's statistical authority TurkStat will release July's consumer price index on Monday, Aug. 5.

A group of 12 economists forecasts monthly inflation of 1.4%, with predictions varying between 1.1% and 1.76%.

Increasing by 0.03% on a monthly basis, consumer prices in Turkey were almost stable in June.

According to economists' average year-end estimates, annual inflation would be 14.8% -- with the lowest estimate at 13.3%, and the highest at 17.2%.

On Wednesday, the Central Bank of Turkey lowered the country's year-end inflation forecast to 13.9%, down from its previous forecast of 14.6%.

As noted in the bank's latest inflation report, the figure will fluctuate between 11.5% and 16.3% through the end of 2019.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% in October 2018.

Under Turkey's new economic program announced by the government last September, the country's inflation rate target is 15.9% this year, 9.8% next year, and 6.0% in 2021.