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Turkish Inflation Rate Drops to Lowest Since May 2013

  • Rate drops to 6.57 percent in April from 7.46 percent in March
  • Food price growth falls to lowest since at least January 2004
Updated on

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.