Chamber urges its members to offer price discounts

ISTANBUL

The head of the Istanbul Chamber of Commerce (İTO) has called on tens of thousands of member companies to support efforts to fight inflation by cutting their prices.

“I invite all our producers and traders not to increase their prices, or to make discounts at least until the end of the year,” said Şekib Avdagiç in a statement, addressing the association’s more than 750,000 members.

Following calls made by President Recep Tayyip Erdoğan and Trade Minister Ömer Bolat, Türkiye’s leading supermarket chains, including Migros, BİM, Şok and A101, as well as the markets operated by the Agricultural Credit Cooperatives, have announced up to 50 percent discounts on a wide range of products.

The Furniture Associations’ Federation (MOSFED) this week said its members will not increase the retail prices until the end of 2023.

Avdagiç welcomed the statements from different industries that companies in those sectors will not increase prices.

These discounts must spread to all sectors and products, Avdagiç said, adding that the positive impacts of the rationalization policies that the government is implementing have begun to be seen.

“We have reached a critical turning point in the fight against inflation,” he added.

The annual inflation rate climbed from 58.9 percent in August to 61.5 percent in September. Consumer prices advanced 4.75 percent month-on-month, but the monthly increase slowed from 9.1 percent in August.