Ankara, Apr 22 (Agency) The Turkish parliament is expected to discuss an amendment to the country’s trade law and the possibility of imposing sanctions against enterprises overpricing goods amid high inflation in the country, Turkish newspaper Ekonomim reported on Monday. The proposal reportedly contains 20 articles and includes a provision to increase administrative fines imposed on businesses that inflate prices excessively. Parliamentary discussions will also include the issue of shutting down the operation of such firms, the newspaper reported.
Annual inflation in Turkey accelerated to 68.5 per cent in March from 67.07 per cent in February, according to data from the Turkish Statistical Institute. The Turkish government expects annual inflation to fall by around 20 per cent in the summer months of this year due to a combination of economic policy and seasonal effects, Turkish Vice President Cevdet Yilmaz said on Saturday. Turkey has been trying to fight soaring inflation by raising its interest rate. In late March, it increased from 45 per cent to 50per cent. In February, Turkey’s central bank kept its inflation forecast for the end of 2024 at 36 per cent, while the finance minister estimated that consumer price growth would fall to 34 percent by that time.