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For the past four years, Turkey’s Central Bank has succeeded in maintaining fiscal stability but has failed badly on the inflation front. In 2011, inflation hit 10.4%, almost doubling the 5.5% target. In 2012, the rate declined to 6.2% but was still above the 5% target. In 2013 and 2014, the target remained unchanged at 5%, while the year-end rates reached 7.4% and 8.2%, respectively.
This year, the target is again 5%. As of July, consumer inflation stood at 6.8%.
