Consumer prices in Turkey rose by 49 percent in September from a year earlier, while wholesale prices climbed by 43.9 percent in the same period, the state statistics institute said Tuesday. On a monthly basis, consumer prices rose 3.1 percent in September from August and wholesale prices were up 2.3 percent.
"For the first time in more than a decade the inflation drops under 50 percent. I think inflation will decrease to some 35 percent by the year-end," economist Deniz Gokce said.
The annual inflation rate stood at 53.2 percent in August, 58.6 percent in June and 62.7 percent in May.
Price increases have been declining since December, when Ankara launched a three-year, four-billion-dollar program of economic reforms agreed with the International Monetary Fund to reduce chronic inflation.
The government of Prime Minister Bulent Ecevit aims to cut inflation to 20-25 percent by the year's end, 10 percent in 2001 and 5.0 percent in 2002. Turkey's inflation stood at 68.8 percent in 1999 and 69.7 percent in 1998.
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com )