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Turkish inflation reached 6.4 per cent in 2010, amid economic recovery

Turkish inflation in line with government target with central bank announcing its expectations for the next two years

AFP, Monday 3 Jan 2011
Turkey 1
Turkey went through a severe recession last year that caused the economy to slump 4.7 per cent. (Photo: Reuters)
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Turkey's inflation reached 6.4 per cent in 2010, in line with the government's target of 6.5 per cent, as the economy staged a spectacular recovery from a severe recession, official data showed Monday.

Consumer prices fell by 0.3 per cent from November to December, bringing annual inflation to 6.4 per cent, the state statistics institute said. Factory gate prices were up by 1.31 per cent in the same period, marking a 8.9-per cent increase over a year, it said.

The highest price hikes since last year - 24.7 per cent - were in the alcohol and tobacco category, which has been the target of increased axes, the statement said.

The central bank has said it will target an inflation rate of 5.5 in 2011 and 5.0 in 2012.

Turkey's gross domestic product (GDP) grew by 11.8, 10.2 and 5.5 per cent in the first three quarters, raising hope that the official target of 3.5 per cent for 2010 would be doubled.

The country went through a severe recession last year that caused the economy to slump 4.7 per cent and brought inflation to 6.5 per cent, undershooting the 7.5-per cent target.

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