My younger brother Philip went to the Turkish city as part of the Erasmus programme. Meanwhile, media around the world have reported significant inflation in Turkey. Officially, in September it was 83 percent.although there are independent analyzes that say up to 186 percent.
In Poland, we are talking about a major crisis, although inflation is immeasurably lower, exceeding 17%. So I couldn’t help but ask Philip about the situation in Turkey from a Polish point of view.
– Despite the massive inflation, this crisis is not directly visible on the streets, and Turkey seems to be living normally. Stores don’t change prices overnight, and nobody buys on cards – he says.
I didn’t notice any disturbing scenes. Maybe it was simply delayed and when it explodes it will explode with double force? I didn’t notice any disturbing scenes. Maybe it was simply delayed and when it explodes it will explode with double force? – Wonders. However, he admits that he came to this country at a “really pleasant moment.”
Turkey is cheap. At least from the Polish point of view
When Philip started living in Istanbul, he was very disappointed with the food prices.
– I would say that the prices here are about 80 percent. Polish ones. Of course, this depends on the store and the place of purchase. I live in the suburbs, far from the center, so it’s much cheaper here than in the more touristy areas – says Philip Madejski.
It also indicates that Istanbul is the largest city in the country and the prices in it are clearly higher than in the Turkish province.
Food can be cheap. Let me give you an example. I ate a kebab yesterday for the equivalent of 6 PLN – says Philip. She notes that this dish is very popular in this country and is available “virtually everywhere”.
A liter bottle of Coca-Cola on the outskirts of Istanbul, for example, costs 12.5 lira – about 3.2 PLN. It is obviously cheaper than the Vistula River. However, to buy one kilogram of apples, you have to spend the equivalent of less than PLN 4. For example, sweets are also relatively inexpensive. A package of cookies can cost 3.65 PLN.
– However, there are much more expensive things here, such as alcohol, which are subject to heavy taxes – Save my conversation.
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Why is inflation in Turkey so high?
Prices in Turkey have been rising at the fastest rate since the late 1990s. Basically, the price hike can be seen all over the world – high inflation comes from defrosting global economies after the impending shutdown. Then came the war in Ukraine and the energy crisis triggered by the Kremlin.
However, while central banks in many countries around the world have raised interest rates to stifle economic growth, Turkey has gone the other way. Rates have been reduced.
As analysts explain, the reasons may have been political – President Recep Tayyip Erdogan wanted to brag about high economic growth ahead of next year’s elections. Interestingly, the Turkish president does not want to change this policy and announces … more reductions. The situation also causes the Turkish lira to lose its value very quickly – which is partly explained by the fact that prices in this country for Poles do not seem particularly high.
At the moment, says Philip Madejsky, there is no clear preparation for the “inflationary rebellion” of the Turks. However, the Turks themselves admit that the price hike may be immeasurably higher than what government statistics show. Moreover, Erdogan dismissed the head of the National Statistical Office of Turkey in January of this year (this is equivalent to our Central Statistical Office).
According to international media, Erdal Dinger lost his fortunes with the Turkish leader after releasing data showing the annual inflation rate of 36.1 percent. Hence the suspicion that the current data, although it shows a very high price increase, cannot be fully trusted.
Author: Mateusz Madejski, Business Insider Polska
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