Turkey seeks defense from 114 companies over price hikes: trade ministry

ISTANBUL (Reuters) – The Turkish Trade Ministry said on Monday it had asked 114 companies for their defense of what it described as excessive price hikes as part of a probe into thousands of companies after inflation hit a 15-year high.

President Tayyip Erdogan has said Turkey would impose fines on “opportunists” who raise prices after a slide in the value of the lira. He has also called on Turks to report stores that imposed unusual price hikes.

The ministry said in a statement it had inspected 3,974 companies and 69,200 products nationwide. The investigation does not aim to intervene in the free market system but to prevent injustices due to unfair price hikes, the ministry added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.