London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Wine up 15% in a day, chicken by 10%. The price Turks are paying for country's currency collapse

Wine up 15% in a day, chicken by 10%. The price Turks are paying for country's currency collapse

Inflation is rampaging across Turkey's economy as the country's president continues a policy of interest rate cuts but Sky's producer in Istanbul still finds support for the unusual move on the ground.

Istanbul's sky is as gloomy as the mood in the households and on the streets of Turkey.

It may look like business as usual but for many the recent developments have taken a toll.

Prices had already hiked during the pandemic. Packaged goods shrunk and prices increased but there was not a single empty shelf. Compared to the western world, Turks prided themselves with not having to fight for toilet paper or masks.

But today the recent change in interest rates policy and the unorthodox economic strategy is impacting the exchange rate sinking the national currency to an all time low. Turks may not earn their wages in foreign currency but their currency is melting like ice on a summer day and prices increase by the week.

A man changes Turkish lira for US dollars and euros at a currency exchange shop, in Ankara.


It feels like it is nearly every day.

A bottle of wine I bought the day before had increased by 15%. It is hard to keep up.

The Twitter universe is joking about a new trending profession, "price taggers". They are needed to get prices up to date in all shops and supermarkets.

Ibrahim Koksal is a tiny shop owner in Yeniköy. He has a tiny "bodega" store that sells as many items as possible from cigarettes to batteries as well as fast food he cooks on the go. Running from his food stall to his cashiers' desk all with a smile.

He has been a small shop owner since 1993 and admits the price increases have hit him, his household and his business as well as his customers.

"I cannot reflect the 10% increase from this morning on the chicken and cheese I use in my sandwiches.

"Because the business is so slow, it would scare off my last customers," he tells me very honestly. "I have to create some turnover but I am losing from my profit".

Ibrahim supports the president's policy despite struggling to make a profit


When asked about what he thinks the reason for the current economic situation is, Ibrahim says: "Our neighbours are jealous. This is what I think". He repeats President's Erdoğan's rhetoric of waging an independence war. It will demand time and sacrifice, a sacrifice he is prepared to make.

He does not believe in an early election or the ability of the opposition parties to handle the task.

Ibrahim says Erdoğan is working for the country against everyone - and he stands by him.

I meet 41-year old Özgür who owns a jewellery shop on the main Street in Yeniköy.

I am the second person who enters the shop in an hour. For Özgür, he is witnessing the slowest business since during the pandemic.

"I have made half of what I usually earn this last month. The price fluctuation between yesterday and today is over 10%.

"This is untenable. In my professional life I have never seen anything like the last 10 days we went through. Our customers do not know what to do. They are waiting to see what will happen."

Jewellery shop owner Özgür says business is slower than during the pandemic


For Özgür, there is a definite need for stability, and a need to stop the obstinate stand with the interest rates.

I ask if he thinks an election would be the solution: "I think we may see an election this summer. I think if the opposition gets elected there might be some easing of the tensions. But we need to come back to stability."

It is a sentiment shared by everyone in supermarkets, shops, pharmacies - the conversations are one of worry of the unknown.

Many feel free to voice their worry like Özgür or Ibrahim, but the everyday housewife does not want to answer any questions, "Don't you see what is happening?" they all say.

In a matter of weeks, their shopping cart has suffered from the price hikes.

They feel they are paying twice the price and get half of what they used to buy. They do not want to comment, they want to go back to how it was.

According to President Erdoğan, a positive impact will be felt in a few months but there is a very tough winter ahead.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×