Economy management meets to discuss food prices

ANKARA

Turkey’s top economy management team met under the leadership of Deputy PM Ali Babacan to discuss pressing topics in the country’s economic agenda. AA Photo

Turkey’s top economy management team met under the leadership of Deputy Prime Minister Ali Babacan to discuss pressing topics in the country’s economic agenda, including food prices and future economic plans.

According to a statement released by Babacan’s office on Sept. 9, Economic Coordination Council (EKK) members gathered on Sept. 8 to tackle the course of food markets.

Food prices have risen sharply above seasonal averages due to drought and frost that severely hit crops, raising concerns over the course of inflation in the country.

Babacan himself recently blamed the food prices for higher-than-expected inflation levels, which have also created problems for the Central Bank’s monetary policy.

In addition to food prices, the council reviewed the 10th Development Plan that covers the years between 2014 and 2018, the statement also said, without elaborating.

A number of senior government officials, including Finance Minister Mehmet Şimşek and Development Minister Cevdet Yılmaz, were expected to attend the meeting, which was actually scheduled for Sept. 2.
Babacan had called the meeting on Aug. 22, when the future of the Cabinet was still unknown.

Investors were highly worried that Babacan, as well as Şimşek, could be sidelined in terms of economic management, but both men were named to new Prime Minister Ahmet Davutoğlu’s Cabinet on Aug. 29.
Babacan and Şimşek have been part of a well-respected economics team that has helped steer Turkey through a decade of growth and stability.