Bloomberg News

Turkish Central Bank Says Food Prices Drove May Inflation Jump

June 06, 2011

June 6 (Bloomberg) -- Turkey’s central bank said the acceleration in May inflation was driven by food prices and the rate will fall this month.

Inflation surged to 7.2 percent in May from 4.3 percent a month earlier, the statistics office in Ankara said on its website June 3. It was the biggest increase in the annual rate since January 2002 and exceeded all the forecasts in a Bloomberg survey of 12 economists. In the month, prices rose 2.4 percent.

The acceleration was caused by base effects in food prices, as predicted in the minutes of the monetary policy meeting, the bank said today in a statement on its website.

“Inflation is expected to return to a slowdown” in June with the impact of lower fruit prices, it said today.

To contact the reporter on this story: Steve Bryant in Ankara at sbryant5@bloomberg.net

To contact the editor responsible for this story: Steve Bryant at sbryant5@bloomberg.net


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