Turkey’s inflation soars to 73%, a 23-year high, as food and energy costs skyrocket.

CNBC (Archived): Turkey’s inflation soars to 73%, a 23-year high, as food and energy costs skyrocket.

Turkey’s inflation for the month of May rose by an eye-watering 73.5% year on year, its highest in 23 years, as the country grapples with soaring food and energy costs and President Recep Tayyip Erdogan’s long-running unorthodox strategy on monetary policy.

Food prices in the country of 84 million rose 91.6% year on year, the country’s statistics agency reported, bringing into sharp view the pain that regular consumers face as supply chain problems, rising energy costs and Russia’s war in Ukraine feed into global inflation.

Economic analysts expect the trajectory for Turkey’s inflation will only get worse.

Turkey’s inflation for the month of May rose by an eye-watering 73.5% year on year, its highest in 23 years, as the country grapples with soaring food and energy costs and President Recep Tayyip Erdogan’s long-running unorthodox strategy on monetary policy.

Food prices in the country of 84 million rose 91.6% year on year, the country’s statistics agency reported, bringing into sharp view the pain that regular consumers face as supply chain problems, rising energy costs and Russia’s war in Ukraine feed into global inflation.
[.]
Economic analysts expect the trajectory for Turkey’s inflation will only get worse.
[.]
“Turkey back in the inflation age of the 1990s. Looks as if Erdogan has lost his last econ credibility,” Holger Zschapitz, finance editor at German daily Die Welt, wrote on Twitter. “Erdogan’s unorthodox strategy for managing the country’s $790bn econ continued to backfire,” he wrote in another tweet.

CNS News: Trump in 2020: 'If Biden' Becomes President, You'll Pay $7 For a Gallon of Gas.

During a campaign stop on Nov. 2, 2020, then-President Donald Trump touted the low gasoline prices of the time and warned that if Joe Biden became president, Americans would end up paying $7, $8, even $9 a gallon.

Trump also said that, in response to those high gas prices, the Biden administration would tell people to get rid of their cars.
[.]
On Sunday, ABC7 reported that a gas station in Los Angeles was selling regular gasoline for $6.99  per gallon.  The "plus" grade of gasoline was selling for $7.19 a gallon.

Turkey's economy coming soon to the U.S.? Welcome to Biden's Build Back Better.