Ankara, March 4 (IANS) Turkey’s annual inflation eased for the fourth month in a row to 55.18 per cent in February, the lowest level in the past 12 months, showed official data.
Consumer prices registered a month-on-month growth of 3.15 per cent, while the producer price index eased to its lowest level in 15 months by rising 76.61 per cent annually, according to the Turkish Statistical Institute on Friday.
Inflation in Turkey hit almost 85.5 per cent, a 24-year high, in October last year after rising for 17 months, as Turkish President Recep Tayyip Erdogan supports low-interest rates in the hope of boosting economic growth and employment, Xinhua news agency reported.
On February 23, Turkey’s central bank delivered an interest rate cut from 9 to 8.5 per cent despite high inflation and a devastating earthquake that hit Turkey on February 6.
–IANS
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