Turkish inflation spooks Erdogan loyalists
Inflation has scaled new heights in Turkey, prompting grumbles from even pro-government media commentators.
Turkey’s consumer inflation hit its highest level in 15 years, sharpening fears of a recession amid louder grumbles over the government’s mismanagement of the world’s 17th largest economy.
Inflation rose to 24.52% in September from a year earlier, a month-on-month jump of 6.3%, according to data released by the Turkish Statistical Institute today.
The spike was a slap in the face for Turkey’s Economy Minister Berat Albayrak, who is Turkish President Recep Tayyip Erdogan’s son-in-law and some say heir apparent.
Albayrak had asserted year-end consumer price inflation was expected to be 20.8% under the new economic program that was unveiled only two weeks ago. “The son-in-law’s program collapsed in two weeks,” sneered Garo Paylan, a member of parliament for the opposition Peoples’ Democracy Party, in a tweet.
