Turkish May inflation up 0.92 pct on month, 8.7 pct on year

ANKARA - Consumer prices in Turkey rose in May by 0.92 percent from the previous month and by 8.7 percent from a year ago, the state statistics institute announced Friday.
Producer prices increased by 0.2 percent in the same period and by 5.59 percent over the year, the institute said.
Last year, Turkey beat the 12.0 percent inflation target set in an IMF-backed economic recovery program, reducing chronic inflation to 9.32 percent, the first single-digit figure in decades.
The International Monetary Fund last month approved a new three-year stand-by deal with Turkey, backed by a 10-billion-dollar loan, which will succeed the previous program that expired in February.
The new program aims to bring inflation down to 8.0 percent this year, 5.0 percent in 2006 and 4.0 percent in 2007.

06/03/2005 13:48 GMT