The country where food prices have shot up by 99%

Turkey has seen the price of food almost double in a year as high inflation grips most of the developed world.

With food inflation running at 99% between October 2021 and 2022, Turkey has seen by far the highest increase in food prices compared to other OECD countries.

Hungary is in second place with food inflation at 42.9% and the OECD average is 16.1%.

The UK is slightly higher than that at 16.4%.

Across the OECD find inflation rose from 15.3% in September to 16.1% in October, the highest rate since 1974.

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Overall inflation in Turkey is at 84.4%, this is just down from a peak of 85.5% in October.

It is the first time that annual inflation has eased since May 2021.

The pandemic and the Russian invasion of Ukraine have been cited as the cause for the sky high inflation in Turkey but some economists believe the policies of President Recep Tayyip Erdogan have made things worse.

For a long time he has claimed higher interest rates lead to inflation, where traditional economic thoughts points to high borrowing costs cooling inflation.

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Turkey’s central bank has slashed interest rates by 5 percentage points since August, down to 9% despite high inflation that has deepened a cost-of-living crisis in the country.

In contrast, central banks around the world have been raising rates to fight soaring inflation.

But unlike in most countries, Turkey's central bank is not independent of the government and has been forced to carry out

The economic crisis has pushed millions into poverty, with many struggling to pay their rent and for food.

It has also led to a complete collapse in the currency, the lira.

In September 2021 $1 was worth around 8 lira, but today it is around 18.5, this has added to the inflationary spiral.

Besides food, energy and transport costs have also doubled in the country, making doing almost any business far more expensive.

With less than a month left of the year, the central bank is predicting inflation will fall to 65% by the start of 2023.

Turkey is due to hold a general election next summer and it is expected to be the closest fought in years.