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Tuesday, 3 April, 2001, 15:09 GMT 16:09 UK
Turkey's inflation surprise
Fish market in Istanbul
Prices have not rocketed as much as expected
The first inflation figures from Turkey since the start of the financial crisis in February have come in below expectations.

The rate was expected to soar after the crisis caused a 44% devaluation of the national currency, the lira, when it was floated on 22 February.

The depreciation of the lira forced sharp price rises in imported goods, with products such as fuel, leading the way up.

Turkish monthly consumer price inflation rose 6.1% from the previous month, below the 8% to 12.3% range expected by analysts, giving an annual rise of 37.5%.

Wholesale prices jumped 10.1% in March, also below forecasts of 10.5%, the State Statistics Institute said.

Before the crisis, monthly consumer inflation was at 1.8% and wholesale inflation at 2.6% in February.

Earlier on Tuesday the financial markets gave the economy the thumbs down, sending the lira tumbling another 10% against the dollar.

The currency has now fallen 44% against the dollar since it floated on 22 February.

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See also:

30 Mar 01 | Business
Turkey's economic plan suffers blow
27 Mar 01 | Business
Turkey's plea for $12bn
20 Mar 01 | Business
Markets give Turkey thumbs-up
19 Mar 01 | Business
Turkey seals new IMF deal
14 Mar 01 | Business
Turkey tackles debt-laden banks
05 Mar 01 | Business
Turkey seeks US help
22 Feb 01 | Business
Turkish banks at root of crisis
22 Feb 01 | Business
Turkey currency plunge
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