Politics
Erdoan blames high inflation on pandemic and wars, vows to bring it down to single digits
Turkish President Recep Tayyip Erdoan highlighted the COVID pandemic, world wars and global crises as the causes of inflation in the country, currently above 75 percent, and promised to reduce it to single digits, in a video message on the occasion of Eid al. -Adha holidays on Saturday.
“Turkey will perform well in inflation from the second half of the year,” Erdoan said, adding that inflation will definitely be brought down to single digits.
Eid al-Adha, commonly translated as Festival of Sacrifice, is one of the two major Islamic holidays during which the ritual sacrifice of animals such as cattle or sheep is carried out by those who can afford it. Part of the meat from the sacrificed animals is distributed to family, friends and charities. Eid al-Adha will be celebrated by Muslims between June 16 and 19.
The rise in prices has put both farmers and people wishing to sacrifice an animal during Eid al-Adha in a difficult situation. Many Turkish farmers say they have been able to sell far fewer animals for sacrifice than last year, complaining that rising breeding costs are significantly affecting their prices.
Turks have suffered from galloping inflation for several years, reaching 85% in October 2022.
In May, inflation stood at 75.4 percent, according to Turkey's statistical authority, the Turkish Statistics Institute (TurkStat), but calculations by ENAG, an independent group of economists, suggest that It was actually 120.7 percent, much higher than the official figure.
The high inflation rate makes it difficult for Turks to meet even their basic needs.
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