Turkeys inflation soars to 73%, a 23-year high, as food and energy costs skyrocket
Turkey's inflation for the month of May rose by an eye-watering 73.5% year on year, its highest in 23 years, as the country grapples with soaring food and energy costs and President Recep Tayyip Erdogan's long-running unorthodox strategy on monetary policy.
Food prices in the country of 84 million rose 91.6% year on year, the country's statistics agency reported, bringing into sharp view the pain that regular consumers face as supply chain problems, rising energy costs and Russia's war in Ukraine feed into global inflation.A man sells slippers in Eminonu on May 5, 2022, in Istanbul, Turkey. The country has enjoyed rapid growth for years, but President Erdogan has for years refused to meaningfully raise rates to cool the resulting inflation.
Food prices in the country of 84 million rose 91.6% year on year, the country's statistics agency reported, bringing into sharp view the pain that regular consumers face as supply chain problems, rising energy costs and Russia's war in Ukraine feed into global inflation.
Speaking to CNBC, Khoman added that he expects Turkey's inflation to "stay north of 70% y/y until November owing to a confluence of elevated commodity prices, rising domestic production costs and a precipitously depreciating lira." "Turkey back in the inflation age of the 1990s. Looks as if Erdogan has lost his last econ credibility," Holger Zschapitz, finance editor at German daily Die Welt, wrote on Twitter. "Erdogan's unorthodox strategy for managing the country's $790bn econ continued to backfire," he wrote in another tweet.
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