The Central Bank of Turkey expects inflation to reach 50% by the end of January and 55% in May. This they claim will be the “peak” after which they claim it will come down to 23.2% by the end of 2022. The latter figure is a revision upwards of the previous forecast of 11.8% inflation. There is no explanation why it should come down from 55%. Central Bank Governor Şahap Kavcıoğlu said at a meeting held to release the bank’s first quarterly inflation report this year, that its target is still to reach 5%, but he did not say when that would be. He also said that the annual inflation forecast for the end of 2023 has been raised to 8.2% from 7%. That appears to be wild optimism. In December the reflation rate was 36%.