1704458255
By Clara Galtier
Published on March 1, 2024 at 5:48 p.m., Updated on March 1, 2024 at 5:48 p.m
A shopping street in Istanbul. UMIT BEKTAS/REUTERS
DECRYPTION – Throughout 2023, the increase in “Smic” exceeded 100%.
One hundred and twenty-one Turkish lira (3.70 euros) for a kilo of rice, compared to 5 to 9 pounds four years ago. “Rice is a dream now…”, “Soon we will start eating insects”, “Are you sure it’s not gold plated?”. In Turkey, rampant and persistent inflation is making internet users laugh on social networks.
On X (ex-Twitter) the account Increase news, followed by 680,000 people, publishes a daily collection of price increases across the country, with supporting photos and receipts. Turkey ended 2023 as the fourth country in the world with the highest food inflation (+99% year-on-year), behind Lebanon (+208%) and Zimbabwe (+321%).
According to official data released on Wednesday, the overall year-on-year price increase reached 64.8% in December. But economists from the independent Enag Group still dispute these figures; in fact, according to them, inflation will reach 123% in 2023.
Fourth increase in “smic”
In this context…
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