ANKARA - Turkey's Central Bank said Wednesday country's inflation rate was expected to start dropping by the fourth quarter of 2008, however it would remain relatively high in the short term.
Turkey's statistical authority announced on Tuesday that consumer prices increased by 1.49 percent in May, soaring the annual inflation rate to 10.74 percent, the first double-digit figure in 13 months.
The bank said the increase in inflation was mostly caused by a hike in food and oil prices, constituting some 7 points of the overall annual figure.
(YMB-MS)
(ECO)