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Seems like you have a lower pearmeability core like FT140-61. But the flux may be still too high and cause considerable inductance drop with 220V/16 kHz across the inductor. Low frequent current at 350VA load would almost saturate the core. Unfortunately I don't have material data and can't calculate the exact behaviour, it's just a rough estimation. Personally I'm not using ungapped cores for inductors, gapped ferrite or low permeability iron powder would be a better option.