STORY: Türkiye's Istanbul feels strain as inflation, cost of living soar
SHOOTING TIME: May 10, 2024
DATELINE: May 14, 2024
LENGTH: 00:02:13
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY/SOCIETY

SHOTLIST:
1. various of Istanbul in Türkiye
2. various of local shops
3. SOUNDBITE 1 (Turkish): ISMAIL HAKKI, Local clothing shop owner
4. SOUNDBITE 2 (Turkish): FERRUH BUYUKOGLU, Stationery shop owner
5. various of Turkish Treasury and Finance Minister Mehmet Simsek speaking at the press conference in Ankara, Türkiye

STORYLINE:

Business has been sluggish for Ismail Hakki, who owns a once-thriving clothing shop in Istanbul's old Tahtakale neighborhood.
   
"Business declined to only a fraction of what it used to be," Hakki said as he navigated through the rows of discounted garments in his shop.
   
Hakki's woes mirror the broader struggle gripping Istanbul, Türkiye's economic hub, where inflation has outpaced the already-crippling national rate of 69.8 percent in April, according to the Istanbul Chamber of Commerce.
   
SOUNDBITE 1 (Turkish): ISMAIL HAKKI, Local clothing shop owner
"Many people are struggling to make ends meet. I am over 50 years old and for the first time I have witnessed more and more individuals buying just one or two potatoes or a few fruits and vegetables at the bazaars."

Ferruh Buyukoglu, the owner of a nearby stationery store known for low prices, also suffered bleak sales amid the high inflation.
   
SOUNDBITE 2 (Turkish): FERRUH BUYUKOGLU, Stationery shop owner
"The prices have doubled, of course. For example, the price of a tiny notebook was 20 liras last year, it is now 40 liras (1.24 U.S. dollars). The prices of the basic school supplies, (notebooks and pencils) for a first-grade student have surged to 1,000 liras (31 U.S. dollars), up from 500 liras last year."

The Istanbul Planning Agency said in its latest report that the monthly cost of living for a family of four in Istanbul, including rent, has skyrocketed by 81 percent year-on-year, reaching a staggering 55,321 liras (about 1,714.95 U.S. dollars). Meat prices have seen the most dramatic rise of 114 percent compared to last year, followed by a 107 percent increase in chicken prices.
   
To rein in the soaring inflation, the Ministry of Trade has intensified inspections nationwide, cracking down on unjustified price hikes and hoarding. This year alone, the ministry issued fines totaling 1.9 million dollars against businesses engaging in such practices.
   
On Monday, Treasury and Finance Minister Mehmet Simsek unveiled a series of saving measures in the public sector to support the government's disinflation target and contribute to easing the burden of living costs.
   
"Bringing inflation down to single digits is imperative for prosperity and sustainable growth," Simsek stated, adding that "price stability is a top priority in achieving this goal."

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