STORY: Turks' Eid celebration squeezed by limited budget due to high inflation
DATELINE: June 23, 2023
LENGTH: 00:01:45
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY

SHOTLIST:
1. various of Istanbul city in Türkiye
2. various of people shopping in the bazaar in Istanbul, Türkiye
3. SOUNDBITE 1 (Turkish): ILYAS ORGEN, Shopkeeper
4. SOUNDBITE 2 (Turkish): ILYAS ORGEN, Shopkeeper
5. various of people shopping in the Bazaar in Istanbul, Türkiye
6. SOUNDBITE 3 (Turkish): BUNYAMIN GUZEL, Shopkeeper
7. various of people shopping in a luggage store in Istanbul, Türkiye
8. SOUNDBITE 4 (Turkish): OSMAN BILGE, Shopkeeper
9. various of a luggage store in Istanbul, Türkiye
10. various of Murat Tufan, an analyst with the Ekoturk broadcaster
11. various of Türkiye's central bank

STORYLINE:

Hundreds of small shops along the steep slopes of Istanbul's Mahmutpasa neighborhood have been the main destinations for the Turkish people's renowned tradition of "feast shopping."

In this one of the city's oldest neighborhoods, a superb collection of items are provided, ranging from evening gowns, wedding dresses, and suits to school supplies, suitcases, and bags.

The stores used to be crowded with shoppers before each religious feast, who came to buy new clothes for kids and gifts for friends and relatives. But this year, people's preparation for the upcoming Muslim festival of Eid al-Adha was largely squeezed in the face of inflation-induced price surges.

Ilyas Orgen, a shopkeeper, said that even though Eid al-Adha is only a few days away, few shoppers visited the Mahmutpasa bazaar.

SOUNDBITE 1 (Turkish): ILYAS ORGEN, Shopkeeper
"We don't have the enthusiasm for the old festivals. Everything is overpriced and expensive."

Orgen said he used to buy two items for each of his children but can only afford to buy one or none this year due to a limited budget.

SOUNDBITE 2 (Turkish): ILYAS ORGEN, Shopkeeper
"We used to buy, especially for the children, clothes that would be brand new for the feasts, from shoes to T-shirts to trousers."

The vendor said he has to do some extra business to support his family of four. He usually acts as an intermediary in land and home sales and gets income from the trading.

Bunyamin Guzel, who has been running a tiny shop to sell women's outfits in Mahmutpasa for 40 years, also suffered bleak sales this year.

SOUNDBITE 3 (Turkish): BUNYAMIN GUZEL, Shopkeeper
"I have never experienced such a recession in the feast shopping period. It is really troubling in terms of our sales. Nearly all the shopkeepers here spend the day without making a pitch."

Osman Bilge, another shop owner, told Xinhua that his feast sales also dropped significantly this year as the price of every item in his shop has tripled since last year.

SOUNDBITE 4 (Turkish): OSMAN BILGE, Shopkeeper
"Everything is very expensive. People only do shopping when they have no choice."

Türkiye's annual inflation fell to 39.59 percent in May after hitting a 24-year high of 85.51 percent in October last year, according to official data.

In a recent statement, Turkish President Recep Tayyip Erdogan said his government would focus on reducing inflation to single digits under the rule of his new economy team.

Türkiye's central bank on Thursday raised the interest rate from 8.5 percent to 15 percent, the first such hike in 27 months.

The bank also hinted that the monetary tightening would continue "in a timely and gradual manner until a significant improvement in the inflation outlook is achieved."

Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)