ANKARA, Turkey (AP) — Official data show Turkey's inflation has hit a double-digit figure, almost doubling official targets set for 2011.
The data raised fears that Turkey’s rapidly expanding economy, which achieved 8.2 percent growth in the third quarter of 2011, may be heading for a fall.
Turkey’s central bank has been trying to curtail the slide of Turkish lira against foreign currencies by selling U.S. dollars. The government has also been struggling to narrow Turkey’s worrying current account deficit.
Turkey’s statistic institute said Tuesday the 12-month consumer prices rose to 10.45 percent in December. The Turkish Central Bank had a 5.5 percent inflation target for 2011. The 12-month producer price index reached 13.33 percent.
Turkey’s inflation in 2010 stood at 6.4 percent.
