Hi guys! Apologies for my ignorance, but I recently came across Turkey’s ludicrous inflation rate (70+%). I know that their currency TL has been depreciating since the past 5ish years. Can someone please explain what happened 5/6 years ago? Why do things keep getting worse, at least on paper? At such crazy inflation, how are people affording food? Thanks!
In: Economics
As a Turkish person most straightforward answer is presidency referandum happened. Current president took all the power and then everything went downhill.
To note the current months annual inflation rate is up this high, rather than a full years annual inflation rate so this is somewhat an erratic measure. There are a lot of components in the inflation rate including food and fuel prices. There were some wage components and tax changes which have led to inflation getting out of control.
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