Annual inflation in Turkey hit a two-decade high in June of just under 80% with food prices doubling and transport costs up well over 120%. Meanwhile, Turkey's currency, the lira, has plummeted more than 20% against the US dollar since the start of the year.
Turkey's president, Recep Erdogan, attracted headlines back in September when he insisted that, contrary to established economic theory, the country's high interest rates were, in fact, driving inflation higher and that its central bank must continue to cut interest rates, even as prices were rising.
Consequently, while central banks elsewhere have been raising interest rates to combat inflation, which has the effect of supporting their currencies, Turkey has been doing the opposite with interest rates locked at 14% since last December.
Mr Erdogan continues to blame Turkey's economic problems on foreign interference.
Last week he announced that the minimum wage would rise another 30% this month after hiking it 50% at the start of the year.