Turkey’s annual inflation slowed in April to the lowest level in three years, giving the central bank further room to lower interest rates after cutting the past two months.
The consumer inflation rate dropped to 6.57 percent from 7.46 percent in March, Turkey’s statistics bureau said in a statement on its website Tuesday, compared with a 6.9 percent median estimate in a Bloomberg survey. The central bank’s inflation target is 5 percent. Food prices rose 1.38 percent on an annual basis through April, the slowest pace since at least January 2004.
