The Turkish central bank increased its interim inflation targets on Thursday, citing expectations of continued short-term inflationary pressure due to regional tensions stemming from the Iran war.

The Central Bank of the Republic of Türkiye (CBRT) lifted its end-2026 interim inflation target to 24% from the previous 16% and end-2027 target to 15% from 9%, Governor Fatih Karahan said, The Caspian Post reports, citing Daily Sabah.

Presenting the central bank's quarterly inflation report in Istanbul, Karahan said the bank set its end-2028 interim target at 9%.

While also setting forecasts at 26%, 15% and 9% for the said years, the governor announced that the bank decided to suspend the forecast range approach.

Annual inflation in Türkiye stood at around 32.4% in April, according to official data.