Inflation Increases to Nearly 80% in Turkey

In June, Turkey’s annual inflation rate reached close to 80%. According to CNN Business, “consumer prices increased by 78.6% last month compared to June 2021, driven by the soaring cost of food and drink and transportation.”.

Food prices reported by the Turkish Statistical Institute doubled over the past year, and transportation prices have risen by “123%” as well. In September, Turkey’s President Recep Tayyip Erdogan, attempted to combat the inflation by telling Turkey’s central bank to cut interest rates. He also raised the minimum wage last week by 30%, but the wage increase could cause a “wage-price spiral” according to CNN Business. Erodgan’s efforts have not caused real results, so he blames “his country’s economic problems on foreign interference.”.