Welcome back to Why Bread Costs More, I am Elif Demirtaş. This week I want to explain interest rates, and I am going to do it with my own apartment building in Istanbul. Last spring the central bank raised rates to bring inflation down. Three months later, my landlord raised my rent. Those two things are connected, and not in the way you might think. So we follow one rate decision through one building: the landlord's mortgage, which got more expensive first, the tenants, who paid for it next, the retired couple on the fourth floor whose savings finally earn something, and the shop downstairs that stopped hiring. Then we talk about the lag, because the full effect of that decision takes about eighteen months to reach a dinner table. Patience, it turns out, is monetary policy. You are listening on Witspeak Podcasts.