It's true that the depreciation of the Turkish lira is hurting local residents, as the TL is used as the main medium of exchange. That's the factor the bulk of analysts are focused on.

But there are two other factors:

• global food prices are rising steadily, increasing by more than 30% in the last year according to the United Nations Food and Agriculture Organization (FAO).

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• drought is hammering the region, lowering agricultural supply and raising prices. The European Commission offered a dire description, stating that this drought is one of the worst Syria has suffered in 25 years.