The Istanbul Chamber of Commerce (ITO) stated that inflation in Turkey continued to skyrocket last month of March. According to official data, inflation increased by 2.95 per cent compared to the previous month. The ITO published the results of the so-called Istanbul Wage and Living Index, which measures price increases in the retail sector. According to the said index, the increase in inflation compared to March 2022 is a whopping 73.02 per cent. The wholesale price index, which reflects price trends in the wholesale sector, rose by another 4.96 per cent last month. Over the past 12 months, the wholesale price index has increased by 74.22 per cent.
Expenditure on clothing increased by 5.32 per cent over the previous month, expenditure on health and personal care by 4.70 per cent, expenditure on food by 3.97 per cent, expenditure on housing by 2.46 per cent, expenditure on household goods by 0.36 per cent, expenditure on transport by 0.17 per cent.
And these are only the official figures. Other agencies speak of much higher figures, totalling far more than 100 per cent. Figures like these are hardly conceivable in the FRG. For years and decades, the situation of the Turkish people has been extremely bad. Especially in the earthquake areas, where people have now lost everything and where there is still a lack of help for those affected, people are suffering from inflation. It is becoming clear that the economic system is not capable of addressing this problem and, looking ahead to the upcoming elections in May, it is clear that none of the parties, no regime, new or old, is or will be able to meet the needs of the Turkish people.
