Turkey hit by price hikes in 2019

Turkish consumers had been hit by a series of food and energy price rises in 2019, Bold news outlet reported on Wednesday.

Cost of food jumped more than 42 percent annually while Turkish authorities hiked petrol prices for 15 times and petrol rates for residential consumers went up by 20 percent, Bold said.

The price hikes had helped to push overall inflation over 20 percent and prompted the government to intensify a crackdown on who it accuses of increasing prices unfairly.

Following a currency crises in August 2018, triggered by a diplomatic row with the United States, the Turkish government has tried to curb rising prices to help reinvigorate consumer spending and encourage banks to reduce interest rates on loans. 

The authorities have since opened food banks in major cities selling cheap, rationed produce and intensified scrutiny of companies’ pricing policies. Many supermarkets have reduced the price of key products but limited the amount people can buy.