• Live
    • Audio Only
  • google plus
  • facebook
  • twitter
News > Turkey

Inflation in Türkiye Ravage Family Budgets 'Like Hurricane'

  • A supermarket in Türkiye, Oct. 2022.

    A supermarket in Türkiye, Oct. 2022. | Photo: Twitter/ @AeroNauticaI

Published 28 October 2022

Annual inflation in this European country hit a new 24-year high of 83.45 percent in September.

The poverty and hunger report, published monthly by the Confederation of Trade Unions (Turk-Is), estimated that the "poverty line," or the costs of living for a family of four in Türkiye, was well above 4-times the minimum wage.


Türkiye's Energy Hub Ambition Needs Partner Countries

The poverty line was set at 24,185 Turkish liras (nearly US$1,300) by Turk-is, echoing similar calculations published earlier in the month by the United Public-Business Confederation.

The hunger line, which represents the costs of food required for a family of four, has also seen a significant rise in October, reaching 7,425 liras. Both reports kept raising the lines higher month after month, in contrast to the stagnant minimum wage of 5,500 liras set in July.

Furthermore, the Turk-Is report predicted a harsher winter for the millions of households whose income did not rise amid soaring rent, food, and energy prices. 

"Continuing price increases in the face of insufficient wage income brought living costs to unbearable points," the report stated.

Annual inflation in Türkiye hit a new 24-year high of 83.45 percent in September, while the Turkish currency lost over 40 percent of its value against the U.S. greenback since the beginning of this year. One dollar stood at 18,60 liras on Friday noon.

"We work in hunger, to live beneath poverty," wrote economist Murat Ozbulbul in his column in the Dunya newspaper. "This situation is not only unacceptable but also unsustainable!"

Meanwhile, the Turkish government is taking a wide array of countermeasures. New social housing projects and regulations to combat rising rents, food subsidies, and debt relief programs for outstanding utility bills are being rolled out. 

Post with no comments.