Turkey anchored in the top 5 in food inflation

Although agricultural GDP has decreased by half to 5 percent in the last 10 years, Turkey is the world’s 10th largest economy in agricultural production, with China, India and the USA taking the top three places as of 2020. Compared to the population, it ranks even higher. However, it is among the top 5 countries with the most severe food inflation in the world. United Nations Food and Agriculture The food price index, followed by the International Organization (FAO) and the World Bank, points to a striking graphic. It is noteworthy that the food prices index of TURKSTAT, which followed a close course with the FAO and World Bank food price index from the beginning of 2000 until 2012, diverged in parallel with the acceleration of exchange rate increases since 2013. (FAO and World Bank indices include limited core goods. However, in international comparisons, TURKSTAT’s “food and non-alcoholic beverages group” index is used as an equivalent to the aforementioned food price indices.) Food price charts were prepared by accepting the January 2003 period as 100. The FAO index ended 2012 at 219, the World Bank index at 208 and the Turkstat index at 229. The scissors started to open significantly after 2013 and the difference reached record levels after 2021. According to the indices, while food prices have increased by around 12 percent in the world since 2012, the increase in food prices announced by TURKSTAT was 511 percent. The common point of the countries (except Turkey) that has been hit the most by food inflation lately is the deep economic depression and political instability…

The summary table for countries experiencing high inflation/food inflation is as follows:

Zimbabwe: 90 percent of the people in the country, which is in a deep economic crisis under the authoritarian regime of 30 years, are poor. Having abandoned its own currency for 10 years due to hyperinflation, the country returned to its national currency and entered the market. gold money also persisted, but inflation is on the rise again.

Lubnan: It is experiencing its worst economic crisis since the civil war. The poverty rate has exceeded 80 percent; political instability is on the rise. The currency has lost more than 95 percent in three years; Access to bank accounts is restricted. “Unfortunately, the state, like the Central Bank, has gone bankrupt,” said the Deputy Prime Minister at the beginning of April.

Venezuelan: Oil The rich country has been dragged into a deep economic depression especially since 2018 and its GDP has shrunk by 95 percent in the last 8 years. Poverty is over 95 percent. It closed 2020 with 2959 percent inflation, inflation is declining.

Sri Lanka: The biggest economic crisis in its history, combined with the political crisis, turned into a humanitarian crisis this year. “Our economy has completely collapsed,” said the prime minister, calling for international support. The country, which went into default in May, is experiencing food, fuel and medicine shortages due to the debt crisis.