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
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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