Turkey launches campaign to reduce commodity prices during Ramadan
Turkey has initiated a broad campaign to control food prices ahead of Ramadan, banning chicken exports and enforcing stricter price regulations in response to rising inflation.
Turkey has recently launched an extensive campaign aimed at stabilizing food prices just before the onset of Ramadan. This initiative includes a ban on chicken exports and enhanced monitoring of what the government has labeled as "excessive prices", amid growing public dissatisfaction regarding inflation rates. The Financial Times reported on a controversial instance of a $520 bill for a meal at a restaurant, which has fueled further debates around price inflation in the country.
The Turkish government has deployed inspectors across various markets to uncover what officials are characterizing as "unjust price hikes and practices undermining market stability". According to reports, producers and retailers have raised chicken prices by as much as 15%. In response, the Ministry of Commerce has disconnected chicken exports to prevent further price spikes, aiming to ensure that consumers are not misled by unscrupulous market practices during this critical time.
This year's campaign is notable because it includes penalties that could reach up to 1.8 million lira (approximately $41,000) for excessive price increases, positioning the government's actions as a direct response to widespread dissatisfaction among Turkish civilians regarding rising costs. Turkish Trade Minister Omar Bulat stated his commitment to combating monopolistic practices and price gouging, ensuring that citizens can shop peacefully in line with the spiritual atmosphere of Ramadan.