“Inflation consumes the minimum wage,” reads a post on its website Frankfurter Allgemeine Zeitung (FAZ) for inflation in Turkey, which, according to official figures, has exceeded 20%. “The reason, according to economists, is mainly the rapid and continuous slippage of the national currency, the pound, resulting in rising prices for important imported goods such as energy, raw materials and medicines,” the Frankfurt newspaper notes. “The consequences are multifaceted. The unions are protesting against the rapid decline in workers’ incomes. According to the Confederation of Progressive Trade Unions of Turkey (DISK-AR), the statutory minimum wage of 3,577 pounds (230 euros) is now the norm. About 3.4 million workers in Turkey, or 18% of employees, receive even less money than the minimum wage, which does not exceed 181 euros net. “Only in Albania is the minimum wage even lower than in Turkey,” the unions said.
“Inflation in Turkey in high three years” is the headline in Time online. Among other things, we read: “Economists estimate that the end of the upward trend has not come. Next year official inflation may reach 30%. This is mainly due to the strong devaluation of the hryvnia, which makes imports of oil, medicine and other goods more expensive. An indication of this development is the general index of import prices, which shows an increase of 55% “. The financial inspection Handelsblatt notes: “For the second time this week, the Central Bank of Turkey intervened in the foreign exchange market to support the faltering national currency, the pound. But very quickly the benefits of this intervention vanished. The collapse of the pound is mainly due to the loose monetary policy pursued by the Central Bank, although in theory high inflation leaves no room for such a thing. “According to (s.s. official) data announced on Friday, inflation in Turkey in November has increased to 21.3%, on an annual basis.”
DW – Giannis Papadimitriou
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