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Ankara slices away at meat prices

The Turkish government has intervened in the market to address soaring food prices as the Central Bank stumbles in its fight against inflation.
Cattle, to be slaughtered during next week's Eid al-Adha holiday, are seen at a market in Ankara October 11, 2013. Muslims around the world are preparing to celebrate Eid al-Adha (feast of sacrifice), marking the end of the Haj, by slaughtering sheep, goats, cows and camels to commemorate Prophet Abraham's willingness to sacrifice his son Ismail on God's command. REUTERS/Umit Bektas (TURKEY - Tags: ANIMALS RELIGION BUSINESS) - RTX14791
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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%.

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