Turkey adjusts inflation forecast
Significant increases in the prices of oil and food led to an upward revision in the inflation forecast and mean further monetary tightening will be needed, according to the latest inflation report from the Central Bank of the Republic of Turkey.
The forecast for inflation at the end of 2008 is now 10.6% compared with 9.3% in April's report. Inflation is expected, assuming limited monetary tightening at the end of this year, to gradually fall back to the target of 7.5 % by the end of 2009.
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