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MarketWatch

Inflation hits Turkish people hard

The money that the 59-year-old earns by selling sweatpants and other garments at Istanbul’s Ortakcilar market no longer lasts, and she is struggling to buy food, let alone anything else. 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.