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Warning from the Ministry of Trade against price hikes! Prices rose before the minimum wage increase

The Ministry of Trade has announced that it has increased inspections against exorbitant pricing, stating that price hikes have occurred in some products despite there being no increase in the minimum wage. The Ministry stated that it is conducting strict inspections against speculative pricing, especially in basic food products.

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The Ministry of Trade has announced that it has increased inspections against exorbitant pricing, stating that prices have been raised on some products even though there has been no increase in the minimum wage.

The Ministry of Trade made a statement on its official social media account, noting that price movements are being monitored in all sectors and that many products have been subject to price hikes ahead of the upcoming minimum wage increase. The Ministry's statement included the following remarks: 


THEY ARE INCREASING PRICES

Price movements and instantaneous reactions in the markets are being closely monitored in all sectors, primarily the red meat and white meat sectors, which affect the living standards of our citizens. Although there has not yet been an increase in the minimum wage, attempts by some opportunists to unfairly increase prices by citing this situation are also being closely monitored by our Ministry of Trade. In line with complaints received regarding speculative pricing, especially in basic food products, price increases at all points where our people's essential needs are sold, primarily national, local, and chain markets, are being meticulously inspected.


THE POSSIBILITY OF A MINIMUM WAGE INCREASE IS BEING PRICED IN

While the Minimum Wage Determination Commission has not yet convened, and the 2025 minimum wage figure, which is expected to be determined by the end of December, will be paid to employees on January 31, 2025, the necessary legal inspections and penal applications will be carried out without hesitation against sellers who are already trying to price in the possibility of an increase in the minimum wage and who, without considering its share in costs, unfairly attempt to convert the minimum wage increase rate directly into a price increase rate and engage in exorbitant pricing practices. 


2024 BALANCE SHEET

From the beginning of 2024 to date, more than 334 thousand businesses and 15 million 50 thousand 390 products have been inspected in 11 months. 194 thousand 303 violations were found. 442 million liras in fines were issued by our provincial directorates. The Unfair Price Evaluation Board decided to impose and collect 362 million liras in fines. In addition, 3 billion 954 million liras in fines were accrued by our General Directorate of Consumer Protection and Market Surveillance in the first 11 months of this year.