24 percent price hike for tea

The General Directorate of Tea Enterprises (Çaykur) has increased the price of dry tea.

Following a 50 percent increase in the 2024 fresh tea purchase price, excluding subsidies, and a 68 percent increase including subsidies, Çaykur has implemented its first price hike for dry tea.

PRICE LIST SENT TO WHOLESALE COMPANIES

While Çaykur has raised tea prices by an average of 24 percent, the new price lists have been sent to wholesale companies.

In the previous list published in September 2023, the recommended wholesale price for 1 kilogram of Rize Turist tea was 152.81 TL, while in the new list sent to companies today, the recommended wholesale price for the same tea has been set at 189.54 TL. Thus, Rize Turist tea has seen a 24 percent price increase.

According to Bloomberg, while the recommended wholesale price for 1 kilogram of Tiryaki tea in the old list from September 2023 was 149.68 TL, the wholesale price for the same tea in the new list has risen to 185.66 TL as of today. Consequently, the price of Tiryaki brand tea has also increased by 24 percent.

ABOVE-AVERAGE HIKES FOR OTHER TEAS

While the majority of the price hikes across all of Çaykur's tea categories are at the 24 percent level, the price increase rates for specific teas categorized as siftings, gourmet, or gift items have exceeded the average, ranging between 39 and 68 percent.

Çaykur reported that the price hike rate, which it announced as an average of 22 percent for dealer purchases, corresponds to an average of 24 percent for sales by dealers in the field.

Industry stakeholders state that Çaykur, which increased the fresh tea purchase price by 68 percent including the support premium, may gradually increase dry tea prices again in the coming period.

News Source: 12punto