Limited rise in inflation expectations

The Central Bank of the Republic of Turkey published its market participant survey for November. Accordingly, a limited increase was observed in inflation expectations, while exchange rate expectations for the end of the year and the next 12 months decreased. The growth expectation for 2022 remained at the same level. A limited change was observed in market participant inflation expectations. The Central Bank of the Republic of Turkey (CBRT) published its market participant survey for November. According to the survey, market participants' inflation expectation for the next 12 months was 37.47 percent. This expectation was determined as 37.34 percent in the previous survey. In the November survey, the year-end inflation expectation increased from 67.78 percent to 68.06 percent. Inflation expectation for the next 24 months, on the other hand, decreased from 21.17 percent to 20.76 percent. Exchange rate expectations decreased In the November survey conducted by the CBRT, the year-end USD/TL expectation was 19.54. In the previous survey, this expectation was determined as 19.82. The 12-month USD/TL exchange rate expectation also decreased from 23.61 to 23.35. Participants' growth expectation for 2022 was 5.1 percent in this survey period, as in the previous survey period. The growth expectation for 2023 was 4.2 percent in the previous survey period, while it was recorded as 4.1 percent in this survey period.