Economic crisis in Turkey: in the face of record inflation, the Turks are stocking up

A shopkeeper waits for customers in Ankara, January 20, 2022. AP - Burhan Ozbilici

Text by: RFI Follow

1 min

Inflation reached new highs in March, at 61.14% over one year, according to official figures published on Monday April 4, a record since March 2002. The economic crisis, aggravated by the war in Ukraine, is pushing more more Turks to stock up, for fear that prices will continue to rise.

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With our correspondent in Istanbul,

Anne Andlauer

Under her kitchen sink, Rosita shows with satisfaction the ten liters of sunflower oil, bought a month ago at a price she would have found exorbitant last year, now very cheap:

“

I paid £94 per bottle.

Today, they cost 150. My friends, they're sorry… They tell me: "You're too lucky to have plenty of them!" I told them to buy some, but they didn't listen to me. So yes, I'm lucky! 

jokes Rosita.

Food prices have skyrocketed

After those of transport, food prices have increased the most: +70% on average over one year.

In February, for sunflower oil,

the annual increase was already over 50%.

With the war in Ukraine, prices jumped 13% in just one month.

Turkey imports more than a third of its needs, half of which from Russia and 15% from Ukraine.

So, since the beginning of the war, many Turks have been stockpiling.

Like Rosita, a Turkish citizen, but originally from the Philippines.

When she is not storing, to reduce her expenses, Rosita consumes less: “

 For example, I buy rice, but only in small quantities.

Not like before… Before, I bought a lot of them.

Now I have to restrain myself

.

Rosita has also given up certain products that have become overpriced, such as olive oil.

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To read also: Turkey: faced with record inflation, President Erdogan lowers VAT on certain products

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