According to a recent study by the İstanbul Planning Agency (İPA) millions of people living in İstanbul are contending with the effects of increasing poverty, including housing problems and a lack of adequate nutrition, the Artı Gerçek news website reported.
IPA’s study revealed the cost of living in İstanbul had surged by 71.4 percent in August compared to the same month last year. For a family of four, the average monthly cost of living in İstanbul is now estimated at 66,550 Turkish lira ($1,955), with the average rent TL 19,000 ($558).
Nearly 3 million people do not have enough to eat, saying they go to bed hungry.
“In a place where the minimum wage is 17,000 TL ($500), people cannot afford to move into a safer, more expensive residence, even though they know their current homes may not withstand an earthquake,” Buğra Gökce, director of İPA, said.
Gökce also pointed out a growing pessimism among İstanbul residents regarding the future of Turkey’s economy. “Our August survey shows that 31.6 percent of İstanbul residents believe the economy will remain unchanged, while 48.9 percent expect it to worsen. There is a widespread belief that the current economic policies will not solve these issues.”
The economic turmoil has led to a significant rise in the cost of living, pushing thousands to leave the city. Many cite skyrocketing rent, financial hardship and earthquake fears as reasons for their departure. In 2023, 169,000 left the city.
The national picture is similarly bleak, with 33.6 percent of citizens only able to pay the minimum amount on their credit card debt and 40.3 percent barely making ends meet. Nearly half the population is struggling to access sufficient food, with many reducing the size of their meals.
Turkey’s current economic crisis began in earnest in 2018, marked by a sharp depreciation of the lira and rising inflation. By July 2024 annual inflation stood at 61.78 percent, down from a peak of 71.6 percent in June, but still critically high. The lira’s collapse has made imports more expensive, worsening the cost-of-living crisis for many Turks, whose wages have failed to keep pace with soaring prices.
President Recep Tayyip Erdoğan’s controversial economic policies have compounded the crisis. After initially cutting interest rates in 2023, which fueled further inflation, Erdoğan reversed course, allowing rates to rise sharply. Despite these measures, inflation remains stubbornly high, leaving many citizens struggling to afford basic necessities.
