The Ministry of Trade Enhances Oversight on Unjust Price Hikes for Food and Essential Goods.
The Ministry of Commerce reported that despite no increase in the minimum wage yet, there have been attempts by some opportunists to unfairly raise prices by using this situation as an excuse. The ministry has intensified price controls on food and essential products.
In a statement, the Ministry of Commerce emphasized, "As the Ministry of Commerce, we are resolutely continuing our efforts to prevent our citizens from suffering as a result of exorbitant price increases in sectors that provide essential goods and services, such as nutrition, healthy living, shelter, and protection, while also establishing a fair and transparent trade order in the market."
The statement included the following information: "In this context, on November 19-20, 2024, on-site inspections and investigations were simultaneously conducted by Commerce Inspectors at producer companies with a widespread distribution network in the essential food sectors of water and eggs, as well as at distributor/retailer companies facilitating the delivery of these products to the final consumers. Decisions to be taken based on the inspections and investigations will be shared immediately with the public.
Furthermore, price movements and instantaneous reactions in the markets across all sectors, particularly in red and white meat industries, that affect the living standards of our citizens are closely monitored. Although there has not yet been an increase in the minimum wage, the Ministry of Commerce is also closely tracking the attempts by some opportunists to unjustly raise prices by citing this situation. In this scope, particularly with regard to essential food products, price increases at all points of sale, including national, local, and chain markets, where indispensable needs of the public are sold, are being meticulously monitored based on complaints received regarding speculative pricing.
While the commission to determine the minimum wage has not yet convened, and although the 2025 minimum wage figure is expected to be determined by the end of December, it will be paid to employees on January 31, 2025. However, sellers attempting to price in anticipation of a minimum wage increase without considering their cost share, transforming the rate of the minimum wage increase unfairly into the same rate of price increase, will be subjected to necessary legal inspections and penalties without hesitation.
The Ministry of Commerce has been conducting regular and intensive inspections through its 81 provincial directorates. Since the beginning of 2024, over 334,000 businesses and 15,050,390 products have been inspected in 11 months. A total of 194,303 violations have been found, and fines amounting to 442 million Turkish lira have been imposed by the provincial directorates. The Unfair Price Assessment Board has decided to apply penalties amounting to 362 million Turkish lira which have been collected. Additionally, our Directorate General for Consumer Protection and Market Oversight has levied fines amounting to 3 billion 954 million Turkish lira within this year of 11 months.
Products identified to have undergone exorbitant price increases have been assessed by the Unfair Price Assessment Board, and administrative fines ranging from 100,000 TL to 1 million TL have been imposed in accordance with the relevant legislation. In cases of stockpiling, the penalty amount is applied between 1 million TL and 12 million TL for each violation. In 2025, these fines will be increased by 43.93% in line with the Revaluation Rate.
If signs of exorbitant pricing emerge, similar inspections will be swiftly initiated in other sectors as well. Following the completion of sectoral inspections, legal-administrative-financial penalties will be imposed on firms engaging in exorbitant price increases, and the results will be shared with the public.
The Ministry of Commerce will continue its commitment to protect the rights of our citizens and well-meaning businesses, striving to ensure a fair and transparent trade order in the market with the same sensitivity and discipline."