More
    HomeChinaNewsletter: Sustained high inflation has greatly increased the pressure on Turkish people's...

    Newsletter: Sustained high inflation has greatly increased the pressure on Turkish people's lives

    Published on

    Ankara, September 28

    Xinhua News Agency reporter Wang Tengfei

    Prices are getting higher and higher and purchasing power continues to decline. Murat, a retired policeman living in Ankara Yasur has been feeling the pressure of high inflation of late. He told reporters that a few years ago, the pension that could guarantee food and clothing has become increasingly insufficient in the face of rising prices.

    The U.S. Federal Reserve has raised interest rates several times in a row this year, and the U.S. dollar has continued to strengthen. The exchange rate of the Turkish lira against the U.S. dollar has continued to fall, and has now fallen below 18 to 1, a record low. Affected by this, the Turkish economy is plagued by problems such as imported inflation.

    Turkey’s consumer price index rose 80.21 percent year-on-year in August, the highest since October 1998, data from the Turkish Statistical Institute showed. Among them, the price of furniture and household equipment increased by 92.02% year-on-year, and the price of food and non-alcoholic beverages increased by 90.25% year-on-year. Turkey’s inflation rate has been rising for more than 12 consecutive months.

    Facing all this, Yasur was helpless. Now, he says, he has to frugal and find ways to make money.

    Turkish people feel real about inflation. In Ankara, the price of bread that sold for 2 lire last year has now risen to 5 lire, and the prices of daily necessities such as milk and flour have more than doubled. The rental agency told reporters that few people are willing to move now, because once the house is changed, the rent price of the new contract will rise sharply. Data show that Turkey’s housing price index in June rose by 160% year-on-year.

    Ankara University finance professor Argyn Karatepe believes that without strong measures to combat inflation, Turkey’s high inflation will be difficult to ease in the short term. The Federal Reserve’s rate hike is a headwind for the Turkish economy. Turkey is already burdened with international debts. The Fed’s interest rate hike has strengthened the dollar, which means that Turkey will pay a higher price to repay its debts. In addition, the strengthening of the dollar has also led to higher import costs in Turkey, which also put a greater burden on the Turkish economy.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest articles

    Banks stopped accepting dollars and euros through ATMs

    Russian banks have stopped accepting dollars and euros through ATMs, Izvestia found out. ...

    Zelensky warned the EU against a non-European decision on exports from Ukraine

    President of Ukraine Volodymyr Zelensky called the decision on the possible extension of restrictions...

    China warns against turning internet into 'battlefield'

    The Chinese authorities opposed the transformation of the Internet into a battlefield, as well...

    The activist told Izvestia about the mood of the protesters in Israel

    For now, the citizens of Israel are opting for peaceful forms of protest against...

    More like this

    Banks stopped accepting dollars and euros through ATMs

    Russian banks have stopped accepting dollars and euros through ATMs, Izvestia found out. ...

    Zelensky warned the EU against a non-European decision on exports from Ukraine

    President of Ukraine Volodymyr Zelensky called the decision on the possible extension of restrictions...

    China warns against turning internet into 'battlefield'

    The Chinese authorities opposed the transformation of the Internet into a battlefield, as well...