Update: Turkısh Aprıl Cpı Rıses 0.60% On Month
The Turkish consumer price index rose at a lower-than-expected rate of 0.60% on the month in April, data showed Monday, the Ihlas News Agency, or IHA, reports.
The most recent survey from Turkey's central bank showed that the consumer price index was expected to rise 0.70% on the month in April.
The data from the Turkish Statistics Institute, or TUIK, also showed producer prices rose 2.35% on the month in April.
In annual terms, consumer prices rose 10.19%producer prices increased 10.42%.
In the central bank's market survey, conducted April 22, expectations were for the consumer price index to rise 8.15% on the year by the end of 2010.
The bank forecasts an annual inflation rate of between 7.2%9.6% in 2010, with a mid-point of 8.4%. It believes inflation will continue to increase in the second quarter, before fluctuating in the thirdfalling back significantly in the fourth.
The CPI increase was below market expectations, noted Gulizar Turk, an analyst at Anadolu Yatirim, who expects annual inflation of around 8% for 2010 as a whole.
She said the PPI reading was above expectations.
Turk doesn't expect the central bank to change interest rates at its next monetary policy meeting.
On April 13, the central bank left its key overnight borrowing rate at 6.5%its overnight lending rate at 9%, in line with general market expectations.
It cut its benchmark-borrowing rate 13 consecutive times to 6.5% from 16.75% between October 2008November 2009.
(YC-YC-E-ENG)
