‘We don’t deserve this’: Inflation hits Turkish people hard

By MEHMET GUZEL and SUZAN FRASER
Associated Press

ISTANBUL (AP) — Many people in Turkey are facing increased hardship as prices of food and other goods have soared. While rising consumer prices are affecting countries worldwide as they bounce back from the coronavirus pandemic, economists say Turkey’s eye-popping inflation has been exacerbated by economic mismanagement, concerns over the country’s financial reserves and President Recep Tayyip Erdogan’s push to cut interest rates. The Turkish lira has been tumbling to record lows against the U.S. dollar as the country’s central bank has slashed interest rates, fueling concerns about its independence. The government says inflation rose nearly 20% in October compared with a year earlier, but an independent group of academics and former government officials, put it close to a stunning 50%.