Turkey's consumer prices rise by 0.78 in April

Date

5/4/2016 4:51:29 AM

(MENAFN- The Journal Of Turkish Weekly) Inflation in Turkey slows to 3-year-low

- April Consumer prices in Turkey rose 0.78 percent from March

ANKARA (AA) -Consumer prices in Turkey in April rose 0.78 percent from the previous month significantly below forecasts official data revealed on Tuesday.

A report from the Turkish Statistical Authority showed that prices increased6.57 percent year-on-year alsoconsiderably lower than estimates.

Monthly inflation was forecasted to reach 1 percent while annual inflation was to come around 8.05 percent.

New data pointed out that annual inflation declined for four months in a row suggesting there may be a green light for the Turkish Central Bank to continue rate cuts.

Annual inflation also declined toa level not seen since May 2013 when violent anti-government protests shook the country.

The Central Bank of Turkey has repeatedly linked further interest rate cuts to improvements in inflation outlook although recently it introduced a few measured rate cuts to its key policy rates.

For some time the Bank was under pressure from government officials who have called for lower interest rates to boost economic growth.

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