80 percent inflation?

quote:

Turkey shocks markets with rate cut despite inflation near 80%

https://www.cnbc.com/2022/08/1...near-80percent-.html

Most of my family (albeit by marriage, still closer than most blood relations) DO live in Turkey. Yeah, they're having it tough, even though Turkey has some policies that make things economically easier than here - especially for retirees.

(Lebanon has been in inflation hell for many years too, much preceding the relatively recent world economic mess having most to do with COVID. There, as in many countries, their citizens have been plagued by horrific inflation brought on by their leadership's long-standing corruption.)

For still more perspective, consider that when I last lived in Israel at one point (around when the US had nearly 20% inflation) we had SEVEN HUNDRED % inflation!

When my husband got his salary slip every month we just had to accept on faith that the figure we were receiving (along with kind of complicated calculations), was fair. Wild variations every month. Since we were also receiving income translated from dollars, it made things somewhat easier for us, though.

And when apartment hunting, the landlords' rent computations were in fantasy land, quite variable. (E.g., one offer might have read "first month rent indexed to the dollar, last rent payable indexed to the yen"... intermediate rents in shekels rising per some variable increase. Harder than any SAT problems I recall especially when trying to compare!)

https://en.wikipedia.org/wiki/...c_Stabilization_Plan

quote:

The years after the 1973 Yom Kippur War were a lost decade economically, as growth stalled, inflation soared and government expenditures rose significantly. Then, in 1983, Israel suffered what was known as the "bank stock crisis". By 1984 inflation was reaching an annual rate close to 450% and projected to reach over 1000% by the end of the following year.

Shimon Peres' stablization plan (which worked so well) has since been used as a model by many other countries facing hyper-inflation.