Welcome to the Inquiry, one question, four expert witnesses and an answer.

In Turkey, people make regular journeys to the vegetable market

to buy food in Istanbul's colourful neighbourhood of Balat.

Their trips have become more frequent over the last few months,

but each time they're returning home with emptier pockets and less food.

They desperately want to beat the spiraling prices

that are leaving many families with smaller meals and rarely any meat.

The cost of some fresh produce has risen by 50% in recent months.

Storl vendors are trying to help out by cutting some produce

such as cabbages in half.

The root cause of these woes is the plunging Turkish currency.

A year ago, there was seven lira to each US dollar.

Now, there are over 16.

The worst slide amongst any emerging country in the last year.

But instead of raising interest rates to stop the plunge,

which is what almost all economists would advise,

Turkey's president, Recep Tayyip Erdogan, has gone the other way

and the cost of borrowing has been pushed lower.

This week on the inquiry, we're asking,

is Turkey heading for an economic meltdown?

Part 1.

Life with hyperinflation.

...