Erdogan under pressure: Record inflation in Turkey – food prices doubled in May

Created: 06/03/2022, 16:00

By: Lisa Mayerhofer

There is record inflation in his country: Turkish President Recep Tayyip Erdogan.

(Archive image) © Karim Sahib/AFP

Turkey is suffering from record inflation and extremely high consumer prices.

Turkish President Recep Tayyip Erdogan is under pressure.

ANKARA - Turkey's inflation rushes from record to record: Consumer prices rose 73.5 percent year-on-year in May, hitting the highest level in almost 24 years, according to statistics released on Friday.

Turkey: High inflation, high prices - Erdogan under pressure

The inflation is fueled significantly by the high energy and food costs, which are additionally driven by the fall in value of the Turkish lira.

The situation is aggravated by the Russian war of aggression against Ukraine: Russia and Ukraine are important for Turkey for the import of energy sources and grain.

High consumer prices have become one of the most important issues in Turkish politics in recent months.

For example, groceries cost almost twice as much in May as in the same month last year with an increase of 92 percent.

Despite rampant inflation in the country, the central bank recently left the key interest rate unchanged again.

Turkish President Recep Tayyip Erdogan is an avowed opponent of high interest rates, which prevailing opinion is a tried and tested means of combating inflation.

However, record inflation is putting him under increasing pressure.

Scientist: Inflation in Turkey more than doubles

Since the beginning of 2017, Turkey has experienced double-digit inflation rates almost continuously.

A year before the presidential elections planned for June 2023, critics from the ranks of the opposition and some economists even accuse the national statistical office of glossing over the extent of inflation.

Independent Turkish economists from the Inflation Research Group said on Friday that inflation actually reached 160.76 percent year-on-year in May - more than double the official rate.