this post was submitted on 10 Jun 2024
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KEY POINTS

  • Consumer prices rose 75.45% in May on an annual basis and 3.37% on a monthly basis, according to the Turkish Statistical Institute, a government agency.
  • The sectors seeing the steepest annual consumer price rises were education at 104.8%, housing at 93.2%, and hotels, cafes and restaurants at 92.9%.
  • Economists had previously forecast that inflation in the country of 85 million would peak around 75% before beginning to ease.
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[–] [email protected] 24 points 4 months ago (3 children)

What happens to salaries when inflation is this high? If you wait for an EOY raise you'd starve.

[–] [email protected] 15 points 4 months ago* (last edited 4 months ago)

Public workers, pensioners and minimum wage get raises when the government needs political capital. Not sure about private

Edit: but most unions negotiate in the beginning of the year I think

[–] Siegfried 5 points 4 months ago

Here in Argentina, salaries more or less follow inflation (they always are a little behind anyway... unless you are a politician).

Inflations isnt new to Turkey, so i guess they must be adjusting them

[–] filister 4 points 4 months ago

And that's what's happening pretty much everywhere. Inflation is a godsend to employers for which work became immediately cheaper while they adjust the prices to either match the inflation or surpass it