Bilkent University faculty member Prof. Dr. Hakan Kara continues to share his assessments regarding economic developments in Turkey on his social media account.
Kara, who often outlines the current economic situation in a way that citizens can understand through the examples he provides, made a striking observation about the deteriorating pricing perception of citizens with a similar example.
Responding to the question of citizens who ask 'why is this happening?' while complaining that prices are constantly rising despite there not being a very large increase in wages and exchange rates for some time, former chief economist Hakan Kara recounted an incident he experienced in Istanbul, where he had come for a panel:
I was in Istanbul yesterday for a panel; we discussed the economy with many economists/professionals, but the most instructive part for me was paying 700 TL for the eggplant pilaki that I had eaten for 400 TL 5 months ago at a modest restaurant.
It wasn't demand, the restaurant was quite empty. I found the owner and asked: Wages and the exchange rate are not increasing much, food price inflation has slowed down, how do you explain what you are doing? He said, 'Brother, there is inflation, everyone is raising prices, costs don't stop.'
They often ask me, 'Professor, what does "deterioration in pricing behavior" mean?' Well, this is exactly what it means.
News Source: 12punto
