Analysis: Less for more in Turkey: costly food starves economic rebound

Parents have switched to discount baby biscuits, the cost of eggs has nearly doubled in a year, and a mock photo is circulating on Twitter in which a man on bended knee offers a woman a can of cooking oil instead of an engagement ring.

Turkish President Tayyip Erdogan has reluctantly accepted sharp interest rate hikes that will slow an economic rebound just as COVID-19 vaccines are rolling out. “Inflationary pressures continue to be high due to the recent rise in global commodity prices and a lagged effect of the sharp lira depreciation,” he said.A trip to a the market - where eggplant, orange and sunflower oil prices rose more than 50% last year - has become a serious strain for Turks in addition to the pandemic, which has already depressed workers and incomes.

Hyperinflation dogged Turkey in the 1990s and only ended with an International Monetary Fund programme that tamed prices just as Erdogan came to power in 2003. In a turnaround, Erdogan in November said even “bitter pills” like high rates were needed to cool prices. Lutfi Elvan, his new finance minister, said he would take structural steps to fight inflation, which is expected to edge higher until April.

Kutlu yürüyüşümüzü oyunlarla bozamayacaksın eyyyy reuters.

They should budget better and stop eating so much Starbucks

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