Page 24 - TURKRptJun22

The world is turning into a global Turkey. This always happens when inflation gets out of control. They call it “Everyone’s consumption basket is different.”
For instance, if an inflation basket is made up of water and ping pong balls, inflation equals zero when the price of water is up 50% and the price of ping pong balls is down 50%.
For someone who does not drink water and just buys ping pong balls, personal inflation stands in deflation territory at minus 50%. Others, who never buy ping pong balls but drink water, cry that the official figures are lying.
Next year, the story will be the “base effect” while inflation is declining and prices are breaking records.
Annual CPI inflation in the US declined to 8.3% in April from 8.5% in March. As of May 26, the average gasoline price in the US was up 52% y/y to a fresh record high of $4.60 per gallon.
24 TURKEY Country Report June 2022 www.intellinews.com