High inflation, which made its impact felt all over the world with the pandemic, turned into ‘hyperinflation’ in Turkey. Although it is seen as 5-10 percent annually in most European countries, these figures are realized on a monthly basis in Turkey.
TURKEY LEADS BY FAR IN ANNUAL INCREASES
Turkey is by far ahead in the annual increase in fuel, electricity and natural gas prices. As of February 2022, the annual rate of increase in Turkey was 97 percent, while the average price increase in the Europe Union (EU) was 29 percent. The propagandist expression of ‘Germany is jealous of us’ used by the political power for the Turkish economy has ironically evolved into ‘Europe is jealous of us’!