The general index of the consumer price index (CPI) (2003 = 100) decreased 0.02 percent in February compared to the preceding month, marking an inflation level of 8.78 percent on an annual basis, according to data released by the Turkish Statistical Institute (TurkStat).

In a televised interview to NTV, Industry, Science and Technology Minister Fikri Işık said the decrease in inflation is a sign of the start of a decreasing trend, adding that the government expects the target inflation rate of 7.5 percent for 2016 to be achieved as indicated by the Medium-Term Program.

Commenting on the CPI decrease, Finance Minister Naci Ağbal said inflation might follow a more pronounced downward trend as the government takes more cautious measures toward food and beverage price increases.

Regarding sectoral data for February, the indices rose 1.31 percent for miscellaneous goods and services, 1 percent for alcoholic beverages and tobacco, 0.78 percent for hotels, cafes and restaurants, and 0.77 percent for transportation.

In February, the indices declined 0.42 percent in the communications sector, 0.13 percent for recreation and culture, and 0.04 percent for food and non-alcoholic beverages.

The other main sectors that experienced high annual increases included alcoholic beverages and tobacco with 12.78 percent, miscellaneous goods and services with 12 percent, recreation and culture with 11.25 percent and furnishings and household equipment with 11.04 percent.

The TRA2 (Ağrı, Kars, Iğdır, Ardahan) region experienced the highest CPI increases with 2.88 percent compared to December 2015 data, followed by the TR62 (Adana, Mersin) region with 9.82 percent compared to December 2015 and the TR31 (İzmir) region with 8.69 percent on the 12-month moving averages basis.

According to the average pricing benchmarks of 417 items on the index, the average price of 38 items remained unchanged in February, while the average price of 245 items increased and the average price of 134 items decreased.