Turkey's economy has been considered a regional success story in the past. As per the Turkish Statistical Institute, a government agency committed to producing official statistical data on the country, the country's inflation rate increased by 14.03% in November 2020. The statistics showed a 1.5 points increase as per the expected level; a 15-month high. As of December 2020 stats, the figures show a 2.3% increase in monthly consumer prices and a significant price rise in basic necessities such as food, beverages, and transportation. Meanwhile, the fall of the Turkish lira has been reported for years. Since the start of 2020, it has lost more than 30% of its value as compared to the US dollar and 30% against the euro.