Turkey’s soaring inflation, fueled by big price hikes at the turn of the year, is dealing harsh blows not only to low-income groups but also the middle class, as consumer demand has contracted in recent days.
Inflation in 2022 is widely expected to shoot above last year’s 36 percent, which was the highest rate under the 19-year rule of President Recep Tayyip Erdogan’s Justice and Development Party (AKP). Turkish consumers ushered into the new year amid a flurry of fresh price increases on commodities and services such as electricity, natural gas and transport. As a result, monthly inflation is likely to hit about 15 percent in January, exceeding the 13.5 percent rate in December. Double-digit rates are expected also in February and March.