SPOTLIGHT ON FOOD INFLATION.
Global supply chain disruptions due to Covid and the Russian invasion of Ukraine, attendant disruption of agricultural supply chains, all compounded by the effects of climate change on crop yields, is resulting in an increase in global food prices. No part of the world or country has been left unaffected and, naturally, developing economies are being hit hardest.
All the more surprising that a relatively mature economy like Turkey has made the top five - inflation has soared to nearly 80% and food prices have doubled. A case where global issues are being compounded by domestic economic mismanagement. Turkey’s economy is exposed to the same forces of global inflation as other countries, but President Recep Tayyip Erdogan’s unorthodox economic policies have inflamed the crisis, as has the crashing lira, which makes imports much more expensive.
