TODAY’S – Food price increases highest since 2008 economic crisis

Food price increases highest since 2008 economic crisisIncreases in food prices in Turkey have reached their highest levels since the 2008 global economic crisis, according to a report in the online daily Radikal on Friday.While food prices rose more than 15 percent on average in 2008, they have climbed 12.

56 percent this year, the highest increase in the past six years.The report, titled andldquoThere is a fire in the kitchen!andrdquo highlighted the dangers of rising food prices, particularly regarding the impact they have on inflation, which reached 932 percent last month, rising beyond previously anticipated figures.

Prices in the restaurant and hotel sectors have risen accordingly.With hundreds of fruits, vegetables and nuts skyrocketing in price, food expenditure is accounting for a larger portion of household budgets.

Certain staples have seen massive increases, such as hazelnuts and apricots. Turkey is a major producer of both.

An ongoing drought that began late last year that also coincided with periods of frost has proved to be a nightmare for agricultural producers, who have seen major reductions in yield, and also for consumers, who have had to contend with formidable price hikes.Apricots, dried apricots, hazelnuts and lemons have all risen more than 100 percent in price compared to five years ago.

The prices of dairy, meat and poultry products have also steadily increased.

SOURCE: Today’s Zaman