Turkey's 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.

This is where we’d be if Trump were in office. The fed was not independent under him. Powell got brow beat any time Powell even thought about raising rates.

Turkey has officially changed its name at the UN to 'Türkiye'. It's not “Turkey” anymore. You must use Turkey as “Türkiye” in all languages.

I hope their peoplewillrise against the Islamic dictatorship

See, it's not just the United States.

You mean 'Turkiye', don't you?

It’s Biden’s fault…People wake up, it’s a worldwide problem, the U.S. is part of the worldwide economy, so yes we have inflation too. How about Trump’s $5T tax cut for the rich when it wasn’t needed, except as Trump told them, “I just made you guys a lot of money!”

Erdogan Economics

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