The Turkish government will hold discussions at the next Cabinet meeting on adopting heavier measures for supermarkets and stores that charge excessive prices for goods, President Recep Tayyip Erdoğan said Monday.
Driven by a surge in food prices and high energy costs, consumer prices in Türkiye rose an annual 85.5% through October, according to official data. Officials have blamed the inflation on high commodity costs, mainly caused by Russia's invasion of Ukraine, as well as other external factors.
Speaking to reporters on his flight back from Qatar, Erdoğan said previous fines were not sufficient to punish such sellers and authorities are following the issue closely.
“Inspections will continue with very different methods because apparently fines are not improving things ... The main point is to make them pay a heavier toll,” Erdoğan said.
Türkiye has blamed and fined some major supermarkets after launching investigations into exploitative pricing. Authorities had launched simultaneous inspections at supermarkets across the country.
The Competition Authority (RK) in October last year fined retailers, including BIM, Migros, CarrefourSA, Şok Marketler and A101 Yeni Mağazacılık, around $283 million for violating antitrust regulations.
The watchdog suggested that the companies had coordinated prices of products directly or via suppliers in a manner that was against the interests of consumers and had entered into cartel-like agreements or coordinated actions.
Food prices in the country surged by more than 99% on an annual basis through October, according to official data.
