Private Jets & Porsches: The Rich Kids Of Istanbul

High inflation and the constantly decreasing purchasing power of the Turkish lira create additional problems. Typically, wages and salaries have failed to keep pace with the increasing prices of consumer goods and services. The average consumer price index inflation in 1999 was 65 percent, reflecting a monthly increase in the prices of goods and services of approximately 5 percent. Even when earnings are adjusted for inflation, the adjustments are generally made at the end of the year, forcing consumers to absorb the mid-year price increases until the year-end.