Turkey’s rate of inflation per year has hit a 19 year high. The prices of goods for buyers has risen by 36% in December, compared to last December 2020. The price increase happened for many reasons. The cost of transportation was growing by almost 54%, the cost of food and drink was increasing by 43.8%, and household equipment and hospitality prices were up by over 40%. Turkey’s money’s value lowered by almost 40% compared to the US dollar in 2021, since the president wanted lower interest rates instead of higher interest rates. The president also announced a 50% increase in the minimum wage last month.
Inflation is when money’s value decreases. For example, let’s say you spent $2 for bread one day. And then let’s say, you spent $4 for the same amount of bread a month later. That is an example of inflation, since for the same thing, you are spending the same amount of money. Inflation can happen at different rates in different countries, and it is better for the country if it happens slower.
Source: https://www.cnn.com/2022/01/
