Turkey forced to revise inflation target

The Central Bank of Turkey has admitted defeat over plans to reach its proposed 4% inflation target in the medium term.

The central bank said on Tuesday that it expected inflation to remain above the 4% target set last year for at least the next three years. It made the announcement shortly after it emerged inflation had risen above double digits in the year to May for the first time in 13 months.

Durmus Yilmaz, the governor of the central bank, and Erdem Basci, a deputy, said in a letter to