Erdogan faces a major challenge: massive inflation - “control of lira given up”. Turkish consumer prices rose by an average of almost 65 percent in January compared to the same month last year.
From December to January alone, prices rise by 6.7 percent - more than twice as much as in December. Experts cite the unexpectedly large increase in the minimum wage at the beginning of the year as the reason for the rising inflation rates. The Turkish currency is suffering - the lira has plunged to a new record low.