Turkish newlyweds stock up on groceries, dream trips as inflation increases

After their May wedding, Ezgi and Cagri Bektas Dag intended to travel and indulge in a few indulgences.

Instead, the pair from Izmir in western Turkey is devoting an increasing lot of their money – and spare time – to stocking up on non-perishable food in order to stay ahead of the lira’s depreciation and persistently growing inflation.

Advertisement

They spend hours studying constantly changing prices and double-checking before each trip to the grocery, then share their findings with almost 1,000 subscribers on a YouTube channel they started a few months ago.

This includes a kitchen with enough cooking oil to last for a year and a half.

“Sometimes we don’t really need a thing,” says Cagri Bektas, who works at a metal components plant, “but we say let’s get it on sale because the price will rise anyhow.” “We keep stocking up even before we utilise what we have since prices rise every day.”

Turkish annual inflation, which is currently at 21% – and much higher for staple commodities – is expected to hit 30% next year, while the lira has lost well over half its value versus foreign currencies this year, reaching its lowest point on Monday.

The couple’s combined monthly income of 8,000 lira has been reduced to around $600, roughly half of which they claim they spend on groceries.

Sharp interest rate cuts implemented by President Tayyip Erdogan, despite significant condemnation from businesses and economists, prompted the lira depreciation.

Advertisement

Erdogan announced a plan on Monday to protect local currency savings from market swings, causing the lira to recover as Turks sold dollars. Analysts, however, remain sceptical that the strategy would provide long-term stability.

“I feel really, really sorry because I think to myself that instead of paying so much money for this (things), we could have travelled and experienced other places,” said Ezgi, a 25-year-old teacher.

They were anxious when they began tracking their shopping trips.

“We were afraid that people would judge us. However, we recognised that they shouldn’t criticise us; rather, they should judge those who put us in this situation in the first place “Cagri Bektas said herself.

“Right now, our only concern is that if we ever have a child, we will be unable to provide a better future for them.”

admin

Read More

Gold Prices Surge in the UAE Amid Global Economic Uncertainty

This rise was attributed to a 0.1% decline in the US dollar index on its second consecutive session, making bullion more appealing to buyers holding currencies other than the US dollar

UAE Scientists’ develops DNA test kit to detect early signs of colorectal cancer

A home DNA test kit is all set to be made available in the United Arab Emirates to increase early detection rates for one of the most deadly but curable types of cancer.

Sheikh Mohammed issues law for military pensions and security fund

Vice President and Prime Minister of the United Arab Emirates - Sheikh Mohammed bin Rashid Al Maktoum made a regulation related to the Local Military Pensions and Social Security Fund in Dubai.

Recent

UAE: The Wow Club-Women on Wanderlust defines Dubai’s luxury offerings

United Arab Emirates: One of the leading women's travel groups of India based in Bengaluru, The Wow Club- Women on Wanderlust, has been on their trip to United Arab Emirates (UAE), visiting and site seeing top travel destinations in Dubai.

Dubai Loop: A Bold Step Toward Revolutionizing Urban Mobility

Signed last week during the World Government Summit, an agreement between Dubai’s Roads and Transport Authority (RTA) and Elon Musk’s US-based The Boring Company outlined the collaboration for tunnel excavation and construction

Two Dubai-Based Financial Firms Fined for Late Filing of Financial Statements

The SCA confirmed that the two firms had failed to meet the statutory deadline for submitting their second-quarter 2024 financial statements, an act considered a breach of essential financial disclosure requirements
admin