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Turkish Inflation Slows More Than Estimates on Food Costs

  • Decline follows government steps to tackle surging food prices
  • Central bank has said 5 percent target impossible until 2018
Updated on

Turkey’s annual consumer inflation slowed more than anticipated in February as increases in food prices lost pace, and Finance Minister Naci Agbal said the government remains determined to maintain the downward trend.

The inflation rate dropped to 8.78 percent from 9.58 percent in January, Turkey’s statistics bureau said in a statement on Thursday. The median estimate in a Bloomberg survey was for the rate to decline to 9.4 percent. Food prices rose an annual rate of 8.83 percent through February, compared with 11.69 percent a month earlier.