How retirees were hit by food inflation

Former Chief Economist of the Central Bank of the Republic of Turkiye (CBRT) and Bilkent University Faculty Member Prof. Dr. Ali Hakan Kara revealed how pensions have been eroded by food inflation over the years.

While pensions are gradually melting against inflation, the lowest salaries are still not at a sufficient level, even though the lowest salaries were increased by 2,500 TL to 12,500 TL with the July 2024 regulation.

Food inflation also continues to rise in Turkiye, unlike the rest of the world. July 2024 inflation was 61.78 percent, while food inflation was 58.91 percent.

While the prices of eating out increased along with other inputs, Prof. Dr. Hakan Kara shared a graph showing the number of meals that pensioners can afford with their salaries, saying, “After 2021, inflation crushed retirees.”