Future Does Not Promise Lower Food Prices In Turkey

This report by the Daily Sabah highlights some of the factors affecting food prices in Turkey:

Food prices in Turkey look set to remain high due to various factors including a recent drought.  (Image credit)

Food prices in Turkey look set to remain high due to various factors including a recent drought.
(Image credit)

The price of food, which has been viewed as one of the main drivers behind untamed inflation by some economists and statesmen in Turkey for several months, is expected to increase further in the mid-long term, according to a report by the Tenth Development Food Products and the Food Safety Expertise Commission.Drought, increasing demand and climate change will lead to further hikes in food prices and inflation, says the official report.

Even though it is known that an appreciation in the U.S. dollar and the euro against the Turkish lira within the last six to seven months has caused a temporary inflationary effect, natural effects keep their weight on food prices. Furthermore, Turkey’s Deputy Prime Minister Ali Babacan who is responsible for the economy blamed high food prices on the recent severe drought in the country on a TV show last Tuesday.

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