As inflation soars and the lira spirals, millions of Turks have fallen below a poverty line of around $1,200 a month for a family of four
Save time by listening to our audio articles as you multitaskAt livestock markets in Turkey, the act of buying the animal is often a ritual on its own. The seller and the buyer lock hands, begin haggling, and loosen their grip only when they have agreed on a price. The handshakes, which range from the vigorous to the downright violent, can last minutes. Wrists are occasionally sprained. Fingers can break.
Around the world people are learning to live with increasing inflation. In Turkey they are having to cope with the runaway kind, and with a government they suspect of massaging the numbers. In late June a group of researchers put inflation in Turkey at 160%, double the official rate of 79%. A survey showed that seven out of ten Turks believed that group’s figures rather than the government’s.
That spending spree, plus a record level of exports, helped the economy expand by 7.3% in the first quarter of the year. But very few Turks are feeling the benefit. Over 70% say their economic situation has deteriorated over the past year. Only 10% say that it has improved. Wealthier types have also turned to property as a store of value. The result is a bubble. Over the past year, property prices in Turkey have increased by 182% in nominal terms, according to a recent survey. In Istanbul, home to some 16m people, they have more than tripled. Rents have followed the same pattern. Young people say they cannot afford to live on their own, much less start a family.
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