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Consumer prices in Turkey rose by almost 70% in April compared to a year ago, reaching the highest level in two decades, official figures show.
Transportation, food prices and household furniture marked the largest increase in annual inflation, with transportation costs doubling during the year. Citizens say that the situation is becoming more and more unaffordable for them.
“Today I went to the market, I checked the prices. “A kilo of minced meat has increased to 150 lira (Turkish), no.”
“I link this situation with the wrong economic policies, with the Syrians, I think these two are the basic reasons. And he connects this with corruption. “We are all in serious condition.”
“The monthly salary I receive disappears in ten days. This is how inflation has affected me. “
Countries around the world are facing a growing cost of living crisis. But Turkey’s problems have been exacerbated by its president’s reluctance to raise interest rates a commonly used tool to help lower inflation.
The cost of food and non-alcoholic beverages marked an annual increase of 89.1%, while furniture and household appliances increased by 77.64%. On a monthly basis, prices increased by 7.25% in April, according to data from the Turkish Institute of Statistics. . Turkey has also seen a collapse in the value of the pound, as President Recep Tayyip Erdogan prioritizes exports over currency stability.
Faced with pressure from the Turkish president, the country’s central bank has cut rates to 14% from 19% since September. In April, it kept rates stable for the fourth month in a row, despite rising inflation.
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