President Erdogan makes interesting recommendation to citizens to combat high inflation

President Erdogan, speaking at his party’s parliamentary group meeting, made an interesting recommendation to citizens in order to combat high inflation. He suggested that citizens should refrain from buying cars and houses, adding “I want our people to respond to these opportunists by not buying their goods when necessary. Only in this way can we overcome what is being done in areas ranging from automobiles to housing and rentals.”

President Erdogan, the leader of the AKP (Justice and Development Party) as well, made these remarks while addressing his party’s parliamentary group meeting. He also commented on high inflation and retirement bonuses, saying, “The high cost of living in our country is at levels that cannot be explained by inflation or exchange rates, alone. Those who take advantage of the uncertain environment to make a few extra liras should be aware that they are actually sabotaging their own future. I want our people to respond to these opportunists by not buying their goods when necessary. Only in this way can we overcome what is being done in areas ranging from automobiles to housing and rentals.”

Important Note: Why did inflation peak, still continuing to rise?

Not too long ago, President Erdogan, who vehemently insisted that “high interest rates cause high inflation” and removed several Central Bank governors for not lowering interest rates due to this belief (also with reference to rules imposed by Islam, as he has often voiced it), seems to have forgotten – or rather, does not want anyone to remember – that Turkey is currently facing a very difficult period in economy due to the long-standing economic practices of his administration, undoubtedly.

The significant devaluation of the Turkish lira against the US dollar from about 8-10 lira to the current rate of approximately 28 lira has largely occurred due to this insistence. Neutral and reputable economists state this very clearly and persistently.

Certainly, the sharp decline of the Turkish lira against the dollar has led to a significant increase in the prices of nearly all products in Turkish lira terms, especially in a country like Turkey, which imports the raw materials for many of its goods – with oil being at the forefront of these imports. This is why inflation has reached its peak, due to this factor in particular.