‘We don’t deserve this': Inflation hits Turkish people hard
3 years, 1 month ago

‘We don’t deserve this': Inflation hits Turkish people hard

Associated Press  

ISTANBUL — Market-stand owner Kadriye Dogru makes do with stale, sesame-covered bagels, known as simit, for lunch these days. While rising consumer prices are affecting countries worldwide as they bounce back from the coronavirus pandemic, economists say Turkey’s eye-popping inflation has been exacerbated by economic mismanagement, concerns over the country’s financial reserves and President Recep Tayyip Erdogan’s push to cut interest rates. “Everything is so expensive, I cannot buy anything,” Suheyla Poyraz said as she browsed food stalls at the Ortakcilar market in Istanbul’s Eyupsultan district. “There has been a massive selloff in financial markets just due to this intervention to the central bank’s independence,” said Ozlem Derici Sengul, an economist and founding partner of the Istanbul-based Spinn Consulting. It was updated on Nov. 17, 2021, to correct that Turkey’s central bank has decreased interest rates by 3 percentage points since September, not increased them.

Food Inflation Turkey Prices Interest Rates Central Turkish Rates Istanbul Rising Prices Erdogan  inflation  turkish  dont  hard  prices  interest  hits  central  food  say  rising  deserve  rates  lira

History of this topic

Turkey’s new central bank chief assures that work to combat inflation will press on
11 months, 1 week ago

Turkey’s new central bank chief assures that work to combat inflation will press on

Associated Press  

ANKARA, Turkey — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor’s surprise resignation. Speaking for the first time since taking the helm of the central bank on Saturday, Fatih …

Turkey's annual inflation rate dips under 40% for first time in 16 months
1 year, 7 months ago

Turkey's annual inflation rate dips under 40% for first time in 16 months

Firstpost  

Turkey’s annual inflation rate fell below 40 per cent in May for the first time in 16 months, thanks to a brief offer of free petrol to homes, according to official figures released on Monday. According to the country’s statistics office, consumer prices grew 39.6 per cent year on year and were nearly steady, at 0.04 per cent, compared to …

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired
2 years, 5 months ago

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired

ABC  

While much of the world anxiously waits to see if central banks will keep raising interest rates to combat a post-pandemic surge in inflation, Turkey is bucking the global trend. He has fired three central bank governors in four years for attempting to raise interest rates, and described anyone who draws a link between rates and inflation as "illiterates and …

Data puts Turkey’s annual inflation at 73.5%, a 24-year high
2 years, 7 months ago

Data puts Turkey’s annual inflation at 73.5%, a 24-year high

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens. While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader insists that high borrowing costs cause inflation - …

Inflation in Turkey soars to eye-popping near 70% in April
2 years, 8 months ago

Inflation in Turkey soars to eye-popping near 70% in April

Associated Press  

ANKARA, Turkey — Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households. The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year increase since 2002. But in Turkey, …

Turkey’s inflation hits 54%, deepening cost-of-living woes
2 years, 10 months ago

Turkey’s inflation hits 54%, deepening cost-of-living woes

Associated Press  

ANKARA, Turkey — Turkey’s annual inflation rate further accelerated in February, official data showed Thursday, marking the biggest jump since 2002 and deepening the squeeze on households that are already struggling to purchase basic goods. In comparison, annual inflation increased by a record 5.8% in the 19 countries that use the euro currency in February and by 7.5% in the …

Turkey lowers taxes on basic foods to fight high inflation
2 years, 11 months ago

Turkey lowers taxes on basic foods to fight high inflation

Associated Press  

ISTANBUL — Turkey’s president announced a significant reduction in taxes on basic food supplies Saturday as the country faces rampant inflation and numerous protests over eroding living standards. The currency has been hovering around 13.5 since that record low after the government instituted a new financial tool to push savers away from buying foreign currencies and encourage them to convert …

‘A fire in their kitchen’: In Turkey, dreams are shattered by economic realities
3 years ago

‘A fire in their kitchen’: In Turkey, dreams are shattered by economic realities

The Independent  

It was just a few years ago, before Turkey’s economy began to spin out of control, when times were pretty good for Mevlut Tekin, his wife Yasemin and their children. “Now we’ve even had to reduce the amount of food we eat.” Turkey’s economy has been under tremendous strain, with the value of the lira dropping dramatically over the past …

Just how bad is inflation in Turkey? It depends on who you ask
3 years ago

Just how bad is inflation in Turkey? It depends on who you ask

Al Jazeera  

Government figures say annual inflation topped 36 percent last month, but some think that number is far short of the mark. The government agency tasked with tracking inflation – the Turkish Statistical Institute – said this week that the consumer price index, or CPI, which measures changes in the prices of a basket of commonly purchased goods and services, soared …

Lira crash slams Turkey’s factories, farmers and retailers
3 years, 1 month ago

Lira crash slams Turkey’s factories, farmers and retailers

Al Jazeera  

The rapid devaluation of Turkey’s lira is rippling throughout the country’s private sector. “They are assuming lowering interest rates would lead to high exchange rates, and the Turkish lira would devalue, depreciate, and then Turkish goods and services will become cheaper in terms of our trade partners’ currency,” he told Al Jazeera, adding that Erdogan is assuming that the subsequent …

Turkey increases tariffs on some US goods, escalating feud
6 years, 5 months ago

Turkey increases tariffs on some US goods, escalating feud

Associated Press  

ANKARA, Turkey — Turkey said Wednesday it is increasing tariffs on some U.S. products like cars, alcohol, and coal — a move that is unlikely to have much economic impact but highlights the deteriorating relations with the U.S. in a feud that has already helped trigger a currency crisis. The tariffs also come a day after President Recep Tayyip Erdogan …

Turkey Counterpunches By Raising Tariffs On U.S. Goods
6 years, 5 months ago

Turkey Counterpunches By Raising Tariffs On U.S. Goods

NPR  

Turkey Counterpunches By Raising Tariffs On U.S. Goods Enlarge this image toggle caption Burhan Ozbilici/AP Burhan Ozbilici/AP Just days after President Trump tweeted his decision to double tariffs on Turkish steel and aluminum, Turkey has announced that it, too, is ratcheting up retaliatory tariffs. The order published in Turkey's official gazette and signed by its strongman president, Recep Tayyip Erdogan, …

Tourists flock to luxury stores in Turkey to snap up bargains after lira sinks to a record low
6 years, 5 months ago

Tourists flock to luxury stores in Turkey to snap up bargains after lira sinks to a record low

ABC  

Visitors to Turkey have flocked to its high-end shops to treat themselves to bargain luxury goods, their purchasing power buoyed by a currency crisis as the country's lira sank to a record low beyond 7 per dollar. Key points: The lira has lost more than 40 per cent against the dollar this year President Tayyip Erdogan said the US sanctions …

Turkey tries to contain crisis but currency keeps falling
6 years, 5 months ago

Turkey tries to contain crisis but currency keeps falling

Associated Press  

ANKARA, Turkey — Turkey’s central bank took action Monday to free up cash for banks as the country grapples with a currency crisis sparked by concerns over President Recep Tayyip Erdogan’s economic policies and a trade and diplomatic dispute with the United States. Investors are worried about a confluence of factors: the country’s reliance on foreign loans that may stop …

Why Turkey’s currency is plunging and what it means
6 years, 5 months ago

Why Turkey’s currency is plunging and what it means

Associated Press  

ISTANBUL — Turkey’s currency and stock market kept on falling Monday, weighed down by investor fears about the country’s economic policies and worsening relations with the United States. A: One reason is that cheap borrowing rates in major economies like the U.S. are rising, attracting investors’ money away from emerging economies like Turkey. The U.S. was Turkey’s biggest export market …

Discover Related