Posted on 04/05/2022 4:16:54 AM PDT by EBH
ISTANBUL -- Yearly inflation in Turkey hit 61.14% on Monday, climbing to a new 20-year high and deepening a cost of living crisis for many households. The Turkish Statistical Institute said consumer prices rose by 5.46% in March compared with the previous month. Yearly inflation was up from 54.44% in February.
The highest yearly price increase was in the transportation sector, at 99.12%, while the increase in food prices was 70.33%, according to the data. It was the biggest year-on-year increase since March 2002. Rising prices are part of an economic crisis exacerbated by the COVID-19 pandemic. Meanwhile, Russia’s invasion of Ukraine has seen a surge in gas, oil and grain prices. Turkey’s runaway inflation also follows a series of interest rate cuts late last year, in line with President Recep Tayyip Erdogan’s opposition to high borrowing costs in a bid to boost growth, investment and exports. In contrast to established economic thinking, the president insists that high rates cause inflation.
The central bank cut rates by 5 percentage points between September and December but they have remained unchanged at 14% this year.
The lira, which lost 44% of its value against the U.S. dollar last year, plunged to a record high of 18.41 against the greenback in December. The currency’s performance has fueled inflation in the import-reliant Turkish economy. In an effort to soften the blow on households, the government has implemented tax cuts on basic goods and has adjusted electricity tariffs.
(Excerpt) Read more at abcnews.go.com ...
Almost as bad as here if someone would tell the truth. Gas up over 100%, propane went from 1.65 to 4.29 last time I checked. a 2X4 from $3 to $11. Insanity.
This quote from Kamala is so ridiculous I am not sure if she really said it
https://twitter.com/AJUK29/status/1510990294208192521
add food costs, heating, electricity and housing compared to last year, and I’d bet we are above 50% too.
And Putin decided to accept Turkish lira as payment for Russia oil. Whoops, another way to blow their own feet off.
Us in a few years if we can’t stop the Democrats.
How high does inflation have to get in a country before the public stops believing politicians who deny it’s caused by printing too much money?
30%? 40%?
Asking for a friend.
I was just in Istanbul this week for a two day layover and (ignorant me probably) restsurant and etc. prices seemed quite reasonable.
I love Istanbul, Turkey, and the Turkish people. Unfortunately they have a long history of sh-t government and Erdogan is no different (just better at consolidating power through “populism” and the nouveau riche).
May seemed fine to you as a “tourist.” But for people experiencing the cost of living change they might feel a little differently.
That was great. Thanks.
A Turkish term that’s been in use for more than 50 years — derin devlet — has now become part of the American vernacular. Derin = deep. Devlet = state.
>Unfortunately they have a long history of sh-t government
Sounds just like the Russian people.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.