ANKARA - ``Mathematically we are still within range of the inflation target,`` Turkish State Minister & Deputy PM Abdullatif Sener said on Monday replying to a question whether any change was in question in inflation target.
Pointing to the independence of Turkish Central Bank, Sener said, ``Central Bank carries out monetary policies. It has operational independence.``
Sener, who attended the Executive Board meeting of Ankara Chamber of Industry (ASO), said, ``recent increases in raw material and oil prices in the international markets negatively affected Turkish economy. However, this can be controlled.``
On Friday, Turkish Board of Statistics (TUIK) announced that consumer prices are up 1.88 percent and producer prices 2.77 percent, just in May 2006.
As of May, inflation was recorded as 9.86 percent on a year-on-year basis in consumer prices and 7.66 percent in producer prices (2003=100).
Inflation rates in the first five months of the year were calculated as 4.53 percent in producer prices and 7.36 percent in consumer prices.