Turkey: Erdoğan warns of huge fines for food price manipulators

Published 2021년 1월 29일

Tridge summary

Turkish President Recep Tayyip Erdoğan has warned businesses that overcharging the public for food will result in large fines, as there are significant price discrepancies in fruits and vegetables. The country's consumer price inflation rate rose to 14.6 percent in December and is expected to increase further in January. To combat this, the Trade Ministry is conducting inspections and imposing fines on businesses that increase prices unfairly. The central bank has raised interest rates to 17 percent to control inflation, but this has increased the cost of borrowing for businesses. The Turkish post office will begin selling basic foodstuffs at discounted prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Turkish President Recep Tayyip Erdoğan said firms who try to overcharge the public for food risk large fines. There are serious discrepancies in the price of products such as fruit and vegetables, Erdoğan told reporters in Istanbul on Friday, according to the state-run Anadolu news agency. “I am warning tradesmen – if you continue like this you will face very heavy penalties. We will not tolerate you crushing our citizens,” he said. Turkey’s consumer price inflation rate increased to 14.6 percent in December and economists expect it to rise again in January. The price of food and non-alcoholic beverages jumped by an annual 20.6 percent last month. Erdoğan said the Trade Ministry was working hard to deal with the problem and the authorities would bring the situation under control over the next month. Ministry officials have been carrying out inspections of retailers across the country, imposing fines on businesses who it considers increase prices unfairly. Turkey’s central bank has ...

Source: Ahvalnews