ANKARA: Turkey’s Central Bank chairman Erdem Başçı announced the first inflation report of 2015, stating that it will be possible to see the lowest inflation in 45 years in 2015 as inflation forecasts were decreased from 6.1 percent to 5.5 percent.
We have started receiving the positive results for our cautious approach on monetary policies. The downtrend in inflation will accelerate starting from this month. It will possible to see the lowest in 45 years.” Başçı said.
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Başçı announced that they expect that the end of 2015 inflation rates will stand roughly between 4.1 percent and 6.9 percent, at the 5.5 percent level. He explained the revision from 6.1 percent was an outcome of decreasing oil prices. The inflation rate for food prices will stand at 9 percent, Başçı said.
CBRT chairman stressed the effect of low inflation rates to achieve further decrease on interest rates, and if January inflation rates decrease more than one percent, they may evaluate the situation earlier, on February 4 rather than previously announced February 24.Başçı noted that they expect an apparent decrease on inflation rates in the first quarter of 2015.
