Turkey's annual inflation rate surged to a staggering 61.14% in March, the highest in decades, as rising energy and food costs squeeze households across the nation. Data from the Turkish Statistical Institute reveals a deepening economic strain, with many residents now struggling to afford basic necessities like bread, rent, and fuel.
Interviews with Istanbul shop owners and workers highlight the human toll of the crisis. A grocery store owner told CGTN that 'profits vanish before we restock shelves,' while a taxi driver described rationing gasoline to avoid daily fare hikes. Families report cutting meals and delaying medical visits to manage costs exacerbated by the Ukraine crisis.
Economists attribute the turmoil to a combination of loose monetary policies, global supply chain disruptions, and geopolitical tensions. The situation has sparked debates about the government's economic strategy ahead of critical elections, with opposition leaders calling for urgent reforms to stabilize the lira and curb price surges.
As inflation reshapes lifestyles nationwide, young professionals are increasingly seeking remote work opportunities abroad, while grassroots organizations mobilize community kitchens to support vulnerable populations. The crisis underscores broader challenges facing emerging markets in an era of overlapping global disruptions.
Reference(s):
Rising cost of living casts pall over Turks amid high inflation
cgtn.com
