World / Inflation in turkey is on record high people piled up in lines for cheap bread and basic neccessities

Turkey : Due to record-breaking inflation in Turkey, long queues are seen everywhere to buy cheap bread. Inflation in the country has increased significantly due to the economic policies of Turkey's President Rosep Tayyip Erdogan.

There has also been a historic fall in the Turkish currency Lira. On Monday also, the lira has seen a fall of seven percent against the dollar. Currently one dollar is worth 14.20 lira. The lira has fallen 48 per cent against the dollar in the past year. This has increased the inflation significantly in the country. Due to which people are facing huge inflation. Along with this, due to being on the watch list of FATF, foreign investment in Turkey has also reduced significantly.

One of the main reasons for this widespread fall in Turkey's national currency, the lira, against the dollar is the president's unconventional economic policy of keeping interest rates low to boost Turkey's economic growth.

Everything from shirt to socks is expensive

Inflation has resulted in long queues in Turkish cities for subsidized bread. A packet of bread of 250 grams costs 1.25 lira in subsidized shops. Whereas it is getting 2.50 lira at general shops. Niyazi Toppark, 71, a retired worker standing in a queue outside a shop, says that everything from food to bread, shirts to socks is becoming expensive in the country. After retirement, I get 800 lira ($56) a month under Social Security, which is not enough to survive alone, Topark said. There are four members in our family and the house rent is 2,000 lira ($140) per month. Each of us eats at least one bread a day, so I am planning to buy four from here. Because you need to save money in every possible way these days.

Inflation rate crosses 21 percent

The annual inflation rate in Turkey has crossed 21 percent. The post of mayor of Istanbul Municipality is currently held by the opposition Republican People's Party. Its mayor, Ekrem Imamoglu, has reported that the cost of living in the city has increased by more than 50 percent in one year. According to the Istanbul Statistics Office, the price of wheat has increased by 109 percent, sunflower oil by 137 percent, toilet paper by 90 percent, sugar by 90 percent and natural gas by 102 percent.