HomeBussinessTürkiye to impose fines on businesses for price hikes, stockpiling

Türkiye to impose fines on businesses for price hikes, stockpiling

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ISTANBUL, May 6 (Xinhua) — Turkish authorities have decided to impose fines totaling 1.9 million U.S. dollars on businesses found guilty of exorbitant price increases and stockpiling, amid high inflation, the Turkish Trade Ministry said on Monday.

The ministry said on the social media platform X that exorbitant price increases, particularly in basic food and essential products in supermarkets, as well as stockpiling actions in the automotive sector, have been subjected to detailed control.

According to the statement, the product prices of companies operating in the ready-mixed concrete and cement sector are also under examination.

Entities selling bread at prices higher than those set by the ministry will also face fines, it added.

In the statement, the ministry emphasized its “commitment to implementing essential administrative measures against actions that negatively impact consumers by disrupting pricing behavior in the markets.”

Türkiye has been grappling with consistently high inflation rates, reaching 69.8 percent in April, up from 68.5 percent in March.

Despite this, many companies have been exploiting the situation by significantly raising their prices above the inflation rate, prompting authorities to intensify their monitoring and control measures.

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