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
    24·
    5 months ago

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

    • Lojcs@lemm.eeEnglish
      15·
      5 months 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

    • Siegfried@lemmy.worldEnglish
      5·
      5 months ago

      Here in Argentina, salaries more or less follow inflation (they always are a little behind anyway… unless you are a politician).

      Inflations isnt new to Turkey, so i guess they must be adjusting them

    • filister@lemmy.worldEnglish
      4·
      5 months ago

      And that’s what’s happening pretty much everywhere. Inflation is a godsend to employers for which work became immediately cheaper while they adjust the prices to either match the inflation or surpass it