Inflation in Turkey topped 75% in May in what economists expect to be the peak before prices start to ease.

KEY POINTS

  • Consumer prices rose 75.45% in May on an annual basis and 3.37% on a monthly basis, according to the Turkish Statistical Institute, a government agency.
  • The sectors seeing the steepest annual consumer price rises were education at 104.8%, housing at 93.2%, and hotels, cafes and restaurants at 92.9%.
  • Economists had previously forecast that inflation in the country of 85 million would peak around 75% before beginning to ease.
  • walter_wiggles@lemmy.nzEnglish
    20·
    1 year ago

    What happens to salaries when inflation is this high? If you wait for an EOY raise you’d starve.

    • Lojcs@lemm.eeEnglish
      12·
      1 year ago

      Public workers, pensioners and minimum wage get raises when the government needs political capital. Not sure about private

      Edit: but most unions negotiate in the beginning of the year I think