In Turkey, soaring inflation hits consumers hard
04 February 2022 | 11:16 am
In Turkey, inflation reached a record annual rate of 36 percent at the end of 2021. The Turkish lira has plummeted and in supermarkets, workers are forced to change price tags on basic necessities several times a day. Turks are increasingly struggling to buy staple foods like flour and milk. While some have taken to satirising the crisis on social media, protests remain rare out of fear of repression. Our France 2 colleagues report, with FRANCE 24's Camille Nedelec.
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The Turkish lira has been hitting all-time lows against the US dollar and the euro in recent months and inflation is soaring, but President Recep Tayyip Erdogan is unfazed.
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Inflation in Turkey has soared to its highest level in nearly two decades. Despite the 36% surge in consumer prices, President Recep Tayyip Erdogan has defended his unorthodox economic vision. France 24 Correspondent Jasper Mortimer has the latest from Ankara. Also in the show - the French government expands emergency support for businesses affected by the pandemic, and Apple becomes the first US company to be worth $3 trillion.
Turkey's President Recep Tayyip Erdogan is defying the standard prescriptions for inflation – the country's worst in nearly two decades – by burning through currency reserves and central bank governors to keep interest rates low. As those reserves dwindle and lines lengthen at subsidised bakeries, we ask our guests about the impact on ordinary citizens and why Erdogan is holding out, with cues to booming exports which he says are the flipside of a plummeting lira.
The rate of price rises across the 38 members of the OECD hit 5.8 percent in November, the highest since 1996. In the United States, the head of the Federal Reserve, Jerome Powell, has warned that high inflation poses a "severe threat" to the jobs market, ahead of the release of the latest figures there on Wednesday. FRANCE 24's Business Editor Stephen Carroll examine the factors driving the spike in inflation, and how long it might last.
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