{"id":122289,"date":"2021-10-03T17:31:02","date_gmt":"2021-10-03T17:31:02","guid":{"rendered":"https:\/\/fin2me.com\/?p=122289"},"modified":"2021-10-03T17:31:02","modified_gmt":"2021-10-03T17:31:02","slug":"turkey-to-open-1000-markets-to-counter-high-inflation-erdogan-says","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/turkey-to-open-1000-markets-to-counter-high-inflation-erdogan-says\/","title":{"rendered":"Turkey to open 1,000 markets to counter high inflation, Erdogan says"},"content":{"rendered":"

ISTANBUL (Reuters) -President Tayyip Erdogan said on Sunday Turkey had ordered agricultural cooperatives to open about 1,000 new markets across the country to provide \u201csuitable\u201d prices for consumer goods in the face of nearly 20% annual inflation.<\/p>

Turkey’s President Tayyip Erdogan addresses members of parliament as he attends the reopening of the Turkish parliament after the summer recess in Ankara, Turkey, October 1, 2021. Murat Cetinmuhurdar\/PPO\/Handout via REUTERS<\/figcaption>

Construction would quickly begin on the shops to provide Turks \u201ccheap and high quality goods\u201d and to \u201cbalance out markets\u201d, he said, after consumer price rises to levels well above a 5% official target.<\/p>\n

Frustrated by stubbornly double-digit inflation and sliding opinion polls, Erdogan\u2019s ruling AK Party government has again begun pointing the finger at supermarkets and opened probes into potential exploitative pricing.<\/p>\n

\u201cWe gave the order for about 1,000 of these businesses to open around Turkey, starting at 500 square-meters each,\u201d Erdogan told reporters after visiting an agricultural credit cooperative outlet in Istanbul.<\/p>\n

\u201cThese are places where prices are suitable to our citizens\u2019 budgets,\u201d he said of the commercial outlets.<\/p>\n

Annual food inflation of nearly 30%, a global jump in commodity prices and the sharp depreciation of the lira currency have driven inflation higher throughout the year.<\/p>\n

Inflation has remained in double digits for most of the past five years, eating into household earnings and setting Turkey well apart from emerging market peers.<\/p>\n

Analysts say the central bank\u2019s depleted credibility is primarily to blame for Turkey\u2019s inflation problem. Erdogan fired the last three bank governors over policy disagreements.<\/p>\n

Under pressure from the president for stimulus, the bank unexpectedly cut its key rate by 100 basis points to 18% last month, sending the lira to record lows.<\/p>\n

Yet in recent weeks the government began high-profile inspections of Turkey\u2019s largest supermarkets for \u201cunreasonable pricing\u201d and \u201cconsumer victimisation\u201d. It also probed some restaurant breakfast prices in the eastern province of Van.<\/p>\n

Vice President Fuat Oktay said on Saturday that increasing food production in villages is vital to head off exploitative pricing.<\/p>\n

In early 2019 – on the heels of a currency crisis that sent inflation soaring – the government opened its own markets to sell cheap vegetables and fruits directly, cutting out retailers it accused at the time of jacking up prices.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ISTANBUL (Reuters) -President Tayyip Erdogan said on Sunday Turkey had ordered agricultural cooperatives to open about 1,000 new markets across the country to provide \u201csuitable\u201d […]<\/p>\n","protected":false},"author":3,"featured_media":122288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nTurkey to open 1,000 markets to counter high inflation, Erdogan says - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/turkey-to-open-1000-markets-to-counter-high-inflation-erdogan-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turkey to open 1,000 markets to counter high inflation, Erdogan says - Fin2me\" \/>\n<meta property=\"og:description\" content=\"ISTANBUL (Reuters) -President Tayyip Erdogan said on Sunday Turkey had ordered agricultural cooperatives to open about 1,000 new markets across the country to provide \u201csuitable\u201d [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/turkey-to-open-1000-markets-to-counter-high-inflation-erdogan-says\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-03T17:31:02+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/10\/Turkey-to-open-1000-markets-to-counter-high-inflation-Erdogan-says.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/turkey-to-open-1000-markets-to-counter-high-inflation-erdogan-says\/\",\"url\":\"https:\/\/fin2me.com\/markets\/turkey-to-open-1000-markets-to-counter-high-inflation-erdogan-says\/\",\"name\":\"Turkey to open 1,000 markets to counter high inflation, Erdogan says - 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