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Food price hikes feared in Turkey after currency slump

Turkish social media swirled with rumors Monday of possible bread price hikes following a record slide in the nation’s currency, and economist say the anxiety could add to inflationary pressures.
Chris McGrath/Getty Images

ISTANBUL — Turkey’s lira fell 12% in value last week, reaching record lows against major currencies after the Central Bank further cut the nation’s key interest rate Thursday. The move has since spurred fluctuations in exchange rates that Turkish consumers fear could lead to price hikes on staple food products like bread.

The term “Ekmek 4,” meaning “Bread 4 liras,” was trending on Turkish Twitter Monday as unsubstantiated rumors swirled over a potential rise in bread costs. A loaf currently sells for between 1.25 and 2.5 liras, depending on location.

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