Turkey’s CPI falls 0.36 pct in June, brings annual rate to 10.61 pct
Turkish consumer prices hit 10.61 percent on a 12-month basis, the Turkish Statistics Institute said Tuesday.
The fall in agricultural inflation by 2.73 percent and the 3.4 percent decline in food prices have been the main factor in the declining consumer price index.
According to the figures, consumer prices were up 6 percent and producer prices were up 13.76 percent in the first half of 2008.
The highest monthly increase was 2.3 percent in the index for education by main expenditure groups, while the highest increase compared with the same of the last year was in the index for housing with 16.30 percent.
The wholesale inflation rate over 12 months to 17.03 percent, it said.
Inflation reached the double-digit rate again after 13 months in May.
Turkey’s central bank revised its inflation target for 2009 to 7.5 percent from 4 percent after an increase in energy and commodity prices pushed the inflation rate into double digits.
Increasing inflation rates put pressure on the Turkey’s central bank to raise interest rates. The central bank raised the benchmark interest rate by 1 percentage point to 16.25 percent in the previous two months citing inflationary pressures.
source: Hurriyet daily
Tags: inflation Turkey