The Central Bank of the Republic of Turkey (CBRT) core inflation indicators' increase rate has started to recede, however it was noted in the CBRT's April Price Development Report that the increase in service inflation rates is limiting the decrease in the core inflation rates.
The report also stated that the high inflation in food prices and catering services is continuing at high levels and while limited, the increasing trend in energy prices continued in this term as well. In April, consumer prices increased by 1.63 percent and the annual consumer inflation rate by 7.91 percent. After the announcement of the report, Finance Minister Mehmet Şimşek answered questions from Turkey's private channel NTV in Gaziantep and underlined that while the inflation rate of 7.9 percent might be high, what is more crucial is the core inflation rate, which has decreased to 7 percent in April. He underlined that the improvement in weather conditions will also show its effects toward the end of the year. He further added that the inflation rate is around the indicated level and will not cause any problems in terms of doing business in Turkey and that they are not concerned as there is no upward trend. He also remarked that they are expecting a fall in the inflation rates as half of the inflation is caused by the food sector. "Our aim is to decrease the inflation rate below 5 percent and we will achieve this in the medium-long term," added Şimşek.
Energy prices continued to increase but at a limited speed. The slowing down of the increase in inflation rates of main product groups caused the annual increase rates of core inflation rates to recede, however, the main trend of core inflation indicators underwent a small increase.
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