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Turkish official inflation at 10.61 per cent in January

Inflation expected to stabilise at 5 per cent for the year as a whole

AFP, Friday 3 Feb 2012
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Turkish annualised inflation leapt by 10.61 per cent in January, according to figures released by the national statistics office, with drinks and tobacco showing the strongest increases.

On a monthly basis, consumer prices posted a rise of 0.56 per cent, the Tuik statistics service added.

The annual rate marked a sharp pick-up from 2010, when Turkey recorded inflation of 4.9 per cent.

A breakdown by categories showed that alcohol and tobacco prices shot up by 18.53 per cent on the year, while the cost of transportation gained 12.9 per cent and food prices were 11.67 per cent higher.

Inflation has been spurred by economic growth as Turkish business activity expanded by a record 9.6 per cent in the first nine months of 2011.

The national central bank had forecast much lower inflation of 5.5 per cent last year, and expects it to fall to 5.0 per cent in 2012.

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