Turkey Raises 2009 Inflation Target to 7.5% From 4% - by Mark Bentley
Turkey revised next year's inflation target to 7.5 percent from 4 percent after an increase in energy and food costs pushed the inflation rate into double digits. The government also agreed with the central bank to set the inflation goal for 2010 at 6.5 percent and the target for 2011 at 5.5 percent, Economy Minister Mehmet Simsek said in an e-mailed statement late yesterday. The central bank has struggled to bring the inflation rate down toward 4 percent because of record oil and food prices. Faster inflation prompted the bank to raise its benchmark interest rate by a half point to 15.75 percent last month, the first increase in almost two years.
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