Turkish Inflation up 62.7 Percent in May

Published June 3rd, 2000 - 02:00 GMT

Consumer prices in Turkey rose by 62.7 percent in the year ending May, while wholesale prices climbed by 59.2 in the same period, the state statistics institute said Saturday. 

On a monthly basis, consumer prices rose 2.2 percent in May from April and wholesale prices were up 1.7 percent. 

Annual inflation stood at 63.8 percent in April with a 2.3-percent monthly rise, 67.9 percent in March with a 2.9-percent monthly rise, and 65.8 percent in February with a 3.7-percent monthly increase. 

The Turkish government aims to reduce chronic inflation to 20-25 percent in 2000, to 10 percent in 2001 and to 5.0 percent in 2002 with reforms outlined in a three-year, four-billion-dollar program agreed with the International Monetary Fund last December. 

The head of the IMF's Turkey desk said Friday that Turkey stood a good chance of reaching its target if it continued to stick to the strict economic program. 

"If the current trend continues Turkey will be very near to the targeted inflation level," Carlos Cottarelli told reporters in Ankara after two weeks of talks with Turkish officials and representatives of the private sector -- ANKARA (AFP) 

 

© 2000 Al Bawaba (www.albawaba.com)

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