Turkey set to open 1,000 markets in bids to counter high inflation, says Erdogan

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On Sunday, the Turkish President, Tayyip Erdogan said that the transcontinental nation had sent an executive order to agricultural cooperatives to set off more than a 1,000 new markets across the once-hailed grief-sickened economy, mostly aimed at proffering a ‘suitable’ price range for consumer goods, as Turkey’s annual inflation appears to be well en-route to breach a worrisome 20 per cent-mark.

Speaking with the reporters after visiting an agricultural credit cooperative outlet in Istanbul, a frustrated President Tayyip Erdogan amid a persistent rise in economy’s double-digit inflation alongside a steep downhill slope in opinion polls, said, “Construction would quickly begin on the shops to provide Turks cheap and high-quality goods and to balance out markets.

We gave the order for about 1,000 of these businesses to open around Turkey, starting at 500 square-meters each. These are places where prices are suitable to our citizens’ budgets” More importantly, latest move from the Turk President Tayyip Erdogan came forth days after Government data had unmasked that the Eurasian economy’s consumer prices had picked up well above a Central Bank’s target range of 5.0 per cent, adding to holocaust to the country’s emerging market status.

Turkey to open 1,000 new shops across the country

On top of that, recent remarks from President Erdogan came against an ominous backdrop in Turkish economy, which has been witnessing an annual food inflation of roughly 30 per cent, as a global-scale hike in commodity prices alongside a sweeping indentation in Turkish Lira had pushed inflation higher throughout fiscal 2021-22.

Turkey’s annual inflation has been hovering in double digits over much of past five years, precipitously scalping household earnings and the consumers’ purchasing power.