"People's inflation" for basic goods at 29 percent in Turkey
According to a recent report by a union of public employees, inflation levels for basic consumer goods in Turkey has reached 29.1 percent compared to last year. Fruit prices have surged by 80.6 percent, while the prices of dairy products and eggs have climbed by 27.6 percent since April 2019.
The research and development branch of the Confederation of Public Employees' Unions (KAMU-AR) published a report based on prices at markets and bazaars in the capital of Ankara, concluding that inflation levels for basic consumer goods has reached 29.1 percent compared to April of last year.
Meanwhile, food prices have increased 11.8 percent overall during the first four months of 2020, with the prices of cooking oil, fruits and vegetables increased 10.1, 32.2 and 33.7 percent respectively.
Compared to April 2019, fruit prices have surged by 80.6 percent, while the prices of dairy products and eggs have climbed by 27.6 percent since this month last year.
The research indicated that poor people spend a large segment of their food budget on bread, grains and vegetables, while wealthier people purchase higher amounts of meat, fish and seafood.
Persistently high rates of inflation in recent years coupled with low purchasing power have made it difficult for millions of families in Turkey to buy essential goods.
On average, the Turkish family spends 17.9 percent of its food budget on rice, bread, oat flour, pasta, and similar products. KAMU-AR's report indicates that Turkey consumes much less meat than other countries and has some of the highest meat prices in the world, which is why 22.4 percent of the food budget goes to meat products.
10.8 percent and 15.1 percent of the average family food budget was spent on vegetables and fruits, respectively, while 13.4 percent was allocated for milk, dairy products and eggs, and 5.5 percent. was spent on cooking oil.Turkish economy 'to shrink by 40 percent if COVID-19 outbreak lasts one year'