Turkey reports highest inflation in 24 years, but experts say real rate is even worse | DW Business

Inflation in Turkey has reached 78.6% annually in June – the highest in almost 25 years, according to official data provided by the Turkish Statistics Institute. But many Turks no longer trust official figures and believe inflation to be much higher. Independent experts say the real inflation rate could be more than 175%.

Inflation in turkey has reached nearly 80 percent annually in june that’s according to official data provided by the turkish statistics institute official being an important distinction here economists and ordinary turks both say that costs have have risen much faster than the government reports our correspondent yulia han joins me from istanbul for more yulia

Almost 80 annual inflation in june what does this number tell us and what does it not tell us about the cost of living in turkey well this number stephen comes from turkey’s state statistics agency as you mentioned and it’s already an eye-popping figure but what’s striking is many turks no longer believe the official data they think inflation is much higher so do

Opposition politicians and economists who have started to openly question the reliability of the government’s figures on inflation today a well-known um independent research group announced that turkey’s annual inflation in fact rose to more than 175 percent in june that’s more than double the official rate now all these doubts are adding to people’s uh frustration

And despair in this massive currency and cost of living crisis some people have taken to the streets in recent months although i should add that anti-government protests here in the country are very little tolerated we often see more police than demonstrators but we went to a protest a small protest here in istanbul this weekend let’s listen to what people there

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Told me we have problems paying our rents our bills and accessing healthy quality food we’re going through a huge economic crisis that shakes all of us i have two children the cheese i used to put between their school sandwiches was 20 liras last year now it’s 84 liras and i’ve had to start buying cheaper brands but even those are getting more expensive how

Can people who earn minimum wage still manage to pay their rents and make a living they can’t the situation has become so painful for many of us people are at their limits people at their limits the voices of ordinary turks there julia how do people make ends meet well i’ve heard all kinds of strategies how people are trying to get by especially those who have

To survive on a minimum wage or a pension they buy less consume less obsessively compare prices they are working a second or third job they don’t travel they don’t go to restaurants anymore many people tell me they are making depths and many young people tell me their only plan is to somehow leave turkey and try to live abroad so this crisis has really hit the

Turkish middle class and the poor of course and that’s devastating and what does the government say to this kind of reaction well president erdogan a few days ago announced a raise of the minimum wage um about 30 percent to uh 5 500 turkish lira a month that’s about 315 euros but many people tell me that’s not enough it’s not enough as long as turkish president

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Erdogan continues his unconventional economic policy where he stubbornly opposes any uh raise of the interest rate by the turkish central bank that would be the conventional way of fighting inflation so they say raising the minimum wage to them is some kind of gift maybe ahead of the upcoming elections they are officially scheduled for next year president edwan

Is running for re-election but his popularity ratings have suffered greatly because of this economic crisis so this might be an attempt to calm people down but many people also tell me they no longer believe that president erdogan is the man who can solve this crisis all right our correspondent yulia han in istanbul thank you very much you

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Turkey reports highest inflation in 24 years, but experts say real rate is even worse | DW Business By DW News