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Turkish economy is facing challenges with high inflation and rising living costs, causing struggles for households. Changes in economic policy and the upcoming municipal elections add uncertainty. The consequences of inflation include income inequality and credit card debt. Turkey is shifting to more rational economic policies, emphasizing the importance of personal budgeting.
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Quick takeaways
- The rising cost of living in Turkey has put pressure on households, leading to financial struggles and a need to prioritize children's needs over personal luxuries and non-essential items.
- Despite President Erdogan's previous skepticism, Turkey's government has recognized the importance of implementing orthodox economic policies, such as higher interest rates, to control inflation and ensure future economic stability.
Deep dives
Rising cost of living in Turkey
In Turkey, where annual inflation has cooled to 60%, many families are facing financial struggles. The rising cost of living has put pressure on households, impacting their ability to make ends meet. Despite stable salaries, families find it challenging to cope with persistently high inflation, which leads to constant increases in prices, particularly at the supermarket. This situation has forced many families to cut back on expenses and prioritize children's needs over their own, sacrificing personal luxuries and reducing spending on non-essential items.
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