High inflation undermines the purchasing power of the poor

SHAFAQNA TURKEY- According to news from Sözcü’s Erdogan Süzer, inflation has melted the purchasing power of pensioners and workers in 3 months. At the beginning of the year, the purchasing power of 100 lira in the pockets of pensioners and workers has dropped to 81 lira today. At the beginning of 2023, wage increases for workers, civil servants and pensioners all but evaporated in the face of inflation. The purchasing power of the minimum wage on the market fell to 6,911 liras, and the purchasing power of the lowest pension to 4,469 liras from 5,500 liras. According to the Turkish Statistical Institute (TUIK), in the first three months of this year, covering the period from January to March, consumer inflation rose by 12.5 percent, and according to the Inflation Research Group (ENAG), by 23.1 percent.

23.1 percent in 3 months

The purchasing power of the lowest-ranking civil servant, whose salary increased to 12,532 liras from an increase at the beginning of the year, fell to 11,138 liras according to TUIK and to 10,182 liras according to ENAG at the end of March. The purchasing power of the salary of the lowest-ranking official, compared to prices, decreased by 1,394 Turkish liras according to TUIK and by 2,350 Turkish liras according to ENAG.

All workers felt the collapse of wages at the same pace. For example, the loss of purchasing power of a teacher who received a salary of 13,975 liras at the beginning of the year reached 2,621 liras in the ENAG account in 3 months, and the loss of purchasing power of a police officer who received a salary of 17,892 liras reached 3,355 liras . The purchasing power of a nurse, whose salary at the beginning of the year was 15,652 liras, decreased by 2,935 liras to 12,717 liras.

In the wages of civil servants for 3 months, the loss amounted to 2,194 liras, which at the beginning of the year was 11,700 liras. The loss of purchasing power of a professor with a monthly income of 28,750 liras reached 5,391 liras, and the loss of purchasing power in the salary of a judge who received 45,305 liras reached 8,496 liras.

The purchasing power of a pensioner is 4,469 Turkish Lira.

Rapid inflation has also hit retirees and minimum wage earners. According to ENAG, the purchasing power of the lowest pension, which was 5,500 liras, fell to 4,469 liras in 3 months. When, thanks to the elections, the lower limit of the pension reaches 7,500 liras, this loss will be compensated. The real purchasing power of the minimum wage of 8,506 liras fell by 595 liras to 6,911 liras.