Food prices in Turkey surge amid global decline

Food prices in Turkey surge amid global decline
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Turkey's food prices have surged by 24% since March 2022, contrasting with the global trend, as the UN reports a slight drop in global food prices in September.

Food prices in Turkey have surged last year in contrast to global trends, with data indicating a nearly 24% increase since March 2022, a report from the United Nations Food and Agriculture Organization (FAO) showed on Friday.

According to the report, global food prices saw a slight decrease of 0.1 point in September compared to the previous month, reaching 121.5 points. Meanwhile, Turkey witnessed a significant yearly inflation of 2.53 points in unprocessed food, reaching 96.17, and a 2.15-point increase in processed food, hitting 59.95%.

FAO's report highlights that global food prices remained relatively stable in September, despite declines in the indices of vegetable oils, dairy products, and meat, offset by increased prices of sugar and corn.

The FAO Food Price Index, tracking monthly fluctuations in international food prices, dropped by 0.1 point to 121.5 in September compared to the previous month.

Turkey has experienced a relentless 36-month streak of rising food prices. According to the data released by the Turkish Statistical Institute (TÜİK) on October 4, the annual inflation for unprocessed food registered a 2.53-point increase, reaching 96.17, while processed food saw a 2.15-point rise, reaching 59.95%.

In a study conducted by the Turkish Confederation of Trade Unions (Türk-İş) on the hunger and poverty threshold for September, food inflation surged by a monthly rate of 9.31% between January 2021 and September 2023, resulting in a fivefold increase in monthly food expenses.