Inflation - the annual increase in consumer prices - is now expected to reach 21 percent by the end of 2027, up from a previous forecast of 15 percent.
The inflation forecast for the end of 2026 has also been raised, to 29.5 percent from 28 percent.
Turkey imports almost all the oil and gas it consumes.
The Turkish economy is also being shaken by problems with large investment funds. Almost half a million savers have been affected by the liquidation of 131 funds. The crisis has forced the central bank to buy bonds to stabilize the market.
In October, the Central Bank of Turkey cut its key interest rate by 1 percentage point to 36 percent.
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