Minister renews call for supermarkets to cut prices

ANKARA

Trade Minister Ömer Bolat has renewed calls for supermarkets to join the campaign to cut prices to help fight inflation.

As part of those efforts, they are working together with food retailers, confection companies, hotels, furniture firms and restaurants, Bolat said at an event at the Ankara Chamber of Industry (ASO).

Most of the companies are responding to the call for price reduction, Bolat said, noting that the Trade Ministry posts the names of the firms participating in this campaign on its website.

“I once again call on the companies, which have not yet joined this price reduction campaign: Do not delay any further,” Bolat said, adding that those non-participating companies may face backlash from consumers.

“Those companies will unfortunately lose their market share.”

Consumer prices increased by 4.75 in September, bringing the annual inflation rate from 58.9 percent in August to 61.5 percent last month.

Food and non-alcoholic beverage prices rose 75.1 percent year-on-year, with unprocessed food prices up 96.2 percent.

Hotel and restaurant prices leaped 92.5 percent from September last year, while the annual increase in transport costs was 96 percent.

The minister also praised the Turkish economy’s performance despite the major unfavorable developments in the past couple of years, including the pandemic, the Russian-Ukraine war and the earthquakes in February.

“Notwithstanding those problems, the growth in production and strong exports show how resilient our economy is,” Bolat said.

Goods export and service export revenues will be around $255 billion and $100 billion, respectively, this year, according to the minister.