Turkey’s inflation forecast unchanged despite hike
An unexpected surge in unprocessed food prices during the final quarter of 2009 led to a one percentage point higher inflation rate than forecasted the previous report, notes the Central Bank of Turkey's quarterly Inflation Report.
The report notes that the increase in inflation in the last quarter of 2009 is mainly due to temporary developments in food prices and factors beyond the immediate control of monetary policy.
The report also notes that economic activity is on a gradual recovery path
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