In Turkey, fines of 61 million liras have been imposed on companies that inflate product prices

The Ministry of Commerce reported that the Unfair Price Assessment Board fined enterprises that inflate prices and accumulate stocks in the amount of more than 61 million liras.

At the meeting of the Board for the Assessment of Unfair Prices, held on May 2, 2024, issues were put on the agenda about an exorbitant increase in prices for basic foodstuffs and basic necessities in the markets, the accumulation of stocks in warehouses in the automotive sector, an exorbitant increase in prices for finished concrete and cement products and enterprises that overestimate the price of bread. A total of 61 million 66 thousand 431 lira of administrative fines were imposed on enterprises caught in excessive price increases and accumulation of stocks.

"As the Ministry of Commerce, we will resolutely continue to apply the necessary administrative measures against actions that negatively affect consumers by disrupting price behavior in the markets. Administrative measures will continue to be applied," representatives of the regulator said.

​​​​​​​In total, in 2023, an administrative fine in the amount of 355 million 804 thousand 957 liras was imposed on enterprises convicted of excessive price increases and accumulation of stocks.