Turkey's inflation crosses 83% for the first time in 24 years -

Istanbul: The rate of inflation in Turkey has increased tremendously owing to the economic policies and decisions of President Recep Tayyip Erdogan. This inflation rate has reached 83.45%. Besides, it is the first time in the last 24 years that Turkey is facing such severe inflation. It is claimed that this figure quoted in the documentation is fake and the actual inflation is more than double.

According to the information provided by a government-affiliated organisation, the inflation rate for September has reached 83.45%. By November, the same rate may go beyond 84%. This organisation says that the inflation rate in the country will come down to 65% in December. But analysts say that this information is not factual. Analysts claim that the inflation rate in Turkey’s retail market is 186.27%, more than double the official figures. Analysts are expressing a concern that the general public is feeling the heat.

The Turkish currency, the Lira, has seen a record devaluation over the past year. A year ago, one USD was worth eight Lira. But at present, 18 Lira has to be paid for one USD in the international market. It is claimed to significantly impact Turkey’s transport sector connecting Europe and the Gulf countries. In the last six months, the price of food grains in the wholesale market in Turkey has increased by 93% due to the cumulative effect of the increase in fuel prices in the international market. It is claimed that the price increase in the Turkish retail market is even bigger.

Local leaders and analysts criticise President Erdogan’s faulty economic policies as the reason for this rising inflation. Meanwhile, the Turkish industrial sector suffers from the Erdogan government’s flawed policies.

A few years ago, Erdogan adopted an aggressive stand to bring the leadership of Islamic countries to Turkey. This offended Gulf countries like Saudi Arabia and the United Arab Emirates (UAE). At the same time, the President of Turkey drew the wrath of European countries by threatening to push refugees into Europe. Turkey’s relations with the United States were also strained over the issue of Syria. This had a huge impact on the Turkish economy.

President Erdogan, whose seat has become unstable after this financial crisis in Turkey, has changed his policy and taken the initiative to increase economic cooperation with Israel, Saudi Arabia and the UAE. However, it is clear that the Turkish economy will not benefit from this in the near future.