Turkey’s April food inflation more than 30 pct higher than in EU countries: report

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A customer takes his free bread after showing a dollars exchange receipt to Backer Gokhan Kuk (R) on December 6, 2016 in Istanbul. Convert your hard currency to Turkish lira and you could enjoy a free wedding package, a meal and a loaf of bread. Or even a gravestone. These incentives are being offered by Turkish businessmen to customers who respond to a call from President Recep Tayyip Erdogan to buy lira and prop up the ailing national currency. / AFP PHOTO / OZAN KOSE
AFP PHOTO / OZAN KOSE

Turkey’s food inflation in April climbed to 31.9 percent, more than 30 percent higher than the average in European Union countries, according to a recent report published by the Organisation for Economic Co-operation and Development (OECD), Euronews Turkish service reported on Thursday.

The average in OECD member countries stood at 2.3 percent, while the average in EU countries was 1.7 percent.

Energy price inflation in Turkey is also much higher than that of other OECD countries. In April it was 17.3 percent in the former but 3.8 percent in the latter.

Skyrocketing food prices play a big part in the annual inflation of the country, where for many experts an economic recession has been under way since the Turkish lira lost some 30 percent of its value against the US dollar in 2018.

Source: Turkish Minute

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