Turkey’s annual inflation hits record high due to hiking food, transportation costs

Fueled by the soaring costs of food and transportation, Turkey’s annual rate of inflation hit almost 80 percent in June, a record high in 24 years, Reuters reports.

Instead of going to supermarkets, locals in Antalya usually choose to shop at Tekirova street market, a vital source for them to purchase food products and buy cheaper goods.

Nonetheless, many families still said that the prices here have become unaffordable, as the country’s annual inflation has reached the highest level in over two decades.

“In previous times, kitchen necessities cost a certain price, but now they’re at least three times higher, sometimes even more than three times, and it’s the same in every area. Like clothing, kitchen items, and personal necessities, the prices are incredibly high,” said Hankan, a seller.

Consumers said that the prices of some products are changing every week every time they come here.

Furthermore, as transportation prices are expanding with the annual inflation surpassing 120 percent, sellers are forced to shift that to the products they are selling, which makes them upset as well.

“The difficulty for us is that as prices increase, our turnover decreases. As our turnover decreases, our expenses increase. Simply, costs have increased due to fuel prices. To handle this, we need to increase our turnover, but people are buying less now that purchasing power has decreased due to prices. They don’t do a lot of shopping like they used to, so there’s nothing to do,” said Murat, a stall owner.

According to a poll conducted by the Gezici firm, more than 70 percent of respondents said they are struggling to get by, as buying meat and fruit has become a luxury in Turkey.