Turkey’s consumer inflation rate slowed slightly less than expected in December, driven by food prices.
Prices rose an annual 11.92 percent through last year, compared with 12.98 percent in November and the median estimate of 11.85 percent in a Bloomberg survey.
Monthly inflation was 0.69 percent, down from 1.49 percent in November.
The central bank has failed to meet its inflation target, set at 5 percent in 2012, for six years in a row. Policy makers will now have to write an open letter to the government explaining why the miss was greater than 2 percentage points.
Governor Murat Cetinkaya said in October that price gains would slow during the first few months of 2018 on an expected decline in loan growth rates and lower tax increases.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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