Opportunists have started to impose arbitrary price increases before the new year begins.

The Ministry of Commerce is resolutely continuing its fight to prevent citizens from being victimized by exorbitant price increases in essential goods and services sectors that meet basic needs such as nutrition, healthy living, housing, and protection, as well as to establish a fair and transparent trade order in the market.

"PRICE INCREASES ARE BEING MONITORED CAREFULLY"

The Ministry stated that price movements and instantaneous reactions in the markets are closely monitored across all sectors, including water, eggs, red meat, and white meat, and used the following expressions:

"Although there has not yet been an increase in the minimum wage, the attempts of some opportunists to unjustly raise prices by citing this situation are also being closely monitored by our Ministry of Commerce. In this context, especially in response to complaints regarding speculative pricing of essential food products, price increases at all points where the indispensable needs of our people are sold, primarily national, local, and chain markets, are being meticulously monitored. While the commission to determine the minimum wage has not yet convened, and although the minimum wage figure for 2025, which is expected to be determined by the end of December, will be paid to employees on January 31, 2025, sellers who attempt to unjustly convert the minimum wage increase rate directly into a price increase rate without considering its share in costs will face necessary legal inspections and penalties without hesitation."

EXORBITANT PRICES HAVE NOT GONE UNPUNISHED

Since the beginning of 2024, more than 334,000 businesses and 15 million 50 thousand 390 products have been inspected in 11 months. 194,303 violations were found, and provincial directorates imposed fines totaling 442 million lira. The Unfair Price Assessment Board decided to impose a fine of 362 million lira, which has been collected. Additionally, the General Directorate of Consumer Protection and Market Surveillance has imposed fines totaling 3 billion 954 million lira in the 11 months of this year.

Products found to have exorbitant price increases were evaluated by the Unfair Price Assessment Board, and administrative fines ranging from 100,000 TL to 1 million TL were imposed. 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 the revaluation rate of 43.93%.

"LEGAL-ADMINISTRATIVE-FINANCIAL PENALTIES WILL BE APPLIED TO FIRMS THAT INCREASE PRICES EXORBITANTLY"

The Ministry emphasized the following in its written statement: In the event that signs indicating the formation of exorbitant prices emerge, similar inspections will be quickly initiated in other sectors, and after the completion of sectoral inspections, legal-administrative-financial penalties will be applied to firms that increase prices exorbitantly, and the results will be shared with the public. Our Ministry of Commerce will continue its struggle with the same sensitivity and discipline to protect the rights of our citizens and well-intentioned businesses and to ensure a fair and transparent trade order in the market.