Skip to main content

Turks spooked as government's inflation efforts fall flat

Inflation has hit a new recent high of 25% in Turkey and the president's son-in-law and finance minister is struggling to convince the public his anti-inflation plan is getting anywhere.
A man walks past by a board showing the currency exchange rates next to a currency exchange office in Istanbul, Turkey August 28, 2018. REUTERS/Osman Orsal - RC133EF73130

ANKARA — The annual inflation rate has hit 25%, the Turkish Statistical Institute declared Monday. It was the first time since July 2003 that inflation had climbed so high, causing Turks to recall the turbulence of the 1990s and early 2000s when people bought eggs and cheese with banknotes denominated in millions of lira.

Finance Minister Berat Albayrak sought to reassure citizens by telling a pro-government TV channel that his recently announced campaign called “Total Struggle Against Inflation” was working.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.