Food prices are expected to rise an annual 49% through December. Sign up for our Middle East newsletter and follow us @middleeast for news on the region. The Turkish central bank raised its year-end inflation forecast to 42.8% from 23.2% in January, citing the impact of the rising cost of energy imports and a weak lira. Governor Sahap Kavcioglu said on Thursday that consumer inflation would slow to 12.9% at the end of next year before reaching around 8.3% in 2024. The bank’s official target is 5%. Kavcioglu unveiled his latest forecasts and the monetary authority’s quarterly inflation report at a news conference in Ankara. Below are some of the highlights from his speech: Food prices, which make up around a quarter of the consumer inflation basket, are expected to rise an annual 49% through December, up from January’s forecast of 24.2%. Russia’s invasion of Ukraine resulted in record […]