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Food prices outstrip wages in TRNC

Food prices outstrip wages in TRNC

November 19
19:30 2013

The minimum wage in the TRNC is TL 1,260 per month but it has recently been determined that the monthly food bill for a family of four currently stands at TL 2, 758 – an increase of 26% over last year. The food bill for a similar family in 2011 was just TL 598.

The dramatic weakening of the Turkish Lira against most currencies has helped boost prices, as have increases in the price of gas and petrol. These latter costs then cause inflation in all other prices.

Discretionary spending has been cut short as families have concentrated on purchasing only basic foodstuffs in an attempt to stay in the black.

Further increases in household outgoings will further add to the pressure of meeting bills. Many families will also see large hikes in electricity prices to contend with.

 

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