All-out fight against inflation program to continue this year, with addition of more firms

PINAR ÇELIK
Istanbul
Published

The Full-Scale Fight against Inflation program, initiated under the leadership of Treasury and Finance Minister Berat Albayrak in October, will continue in 2019.

A number of brands and corporations, food retailers, in particular, will continue to offer discounts of 10 percent or higher.

Mustafa Songör, the chairman of the Food Retailers Association (GPD), which represents giant chain markets, said the movement that started as part of the Full-Scale Fight against Inflation program at the end of 2018 has grown into a natural selection. He added that the discounts will continue in 2019 with changed product lists. Songör added that affordable pricing, especially for food and cleaning items, will continue in coordination with the ministry.

Migros General Manager Özgür Tort said that the supermarket will continue to do its best to support the program despite the increasing costs.

Mustafa Altunbilek, chairman of the Turkish Retailers Federation (TPF), which represents the domestic markets, announced that they will continue their struggle against inflation in the first quarter of the year, noting that discounts varying between 10-30 percent will continue.

"Prices have also fallen with the decline in exchange rates. Therefore, we will continue to make this contribution with all our business partners," he said.

Torku, a local food brand, announced that they have decided to do their share and maintain the discount campaign in 2019 in order to achieve the goal of one-digit, low and controllable inflation figures that will make Turkey's growth sustainable as a natural consequence of the slowdown in inflation.

Ahmet Güleç, chairman of the Federation of Furniture Associations (MOSFED), said that furniture manufacturers will also continue to offer a 10 percent cut in prices.

Rifat Hisarcıklıoğlu, chairman of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), also announced continuous support for the anti-inflation program.

"As the Turkish private sector, we have been supporting the program with chambers and commodity exchanges in 81 provinces and 160 districts. Our fight against inflation will continue in 2019 as well. The fight against inflation means fighting against unemployment, high-interest rates and the increasing input costs, however, neither the public nor the private sector can do it alone. Responsibility and duty belong to all of us. Under TOBB, chambers and commodity exchanges will continue to support the Full-Scale Fight against Inflation program in national solidarity in 2019," he said. The Saving Deposit Insurance Fund (TMSF) Chairman Muhiddin Gülal said: "As part of the anti-inflation program, we will continue to offer at least 10 percent discount in the products of companies where we have been serving as trustees, especially in the furniture industry."

Underlining that, if needed, they will make new investments to expand the companies that are trusted to them, Gülal noted, "We have been maintaining our efforts to increase the exports carried out by the companies we manage and to make them global brands. We are boosting employment and providing jobs. The asset size of companies is nearly TL 56.2 billion [$10.25 billion], while their total equity and total turnover are TL 19.9 billion and TL 21.7 billion, respectively. Around 43,676 people are employed in these companies. Let us keep on fighting inflation."

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