Turkey’s inflation crisis rages a year into Erdogan’s economic turnaround

Since an economic overhaul in June last year, Turkey’s central bank has increased its main interest rate to 50 per cent from 8.5 per cent in an effort to tame rampant inflation. Despite this, and other steps, Turks continue to face nearly 70 per cent inflation rates, high borrowing costs and cuts in measures that in recent years helped soften the impact of rising prices.

Almost a year since these economic overhauls, Ayla Jean Yackley, an Istanbul-based journalist covering Turkey with stories in The Financial Times, Politico, and other major outlets, joins me to look at Turkey’s inflation crisis, Erdogan’s sweeping economic overhauls, and how this is impacting Turks every day.