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Turkish firms fined over 'exorbitant' food prices as inflation soars

Turkey’s Ministry of Commerce announced Wednesday it would issue nearly $500,000 in fines for companies it found to be charging "exorbitant" prices for food as the nation grapples with high inflation.

ISTANBUL — Turkish regulators announced Wednesday they would issue 3.6 million liras ($487,000) in fines on companies found to be charging "exorbitant" food prices as the nation grapples with high inflation.

In response to consumer complaints over rising food costs, the Ministry of Commerce conducted nationwide price audits on Jan. 19-20. It found that 120 firms were charging unjustifiably high prices. Individual companies face price-related fines ranging from 10,000 to 100,000 liras ($1,350 to $13,5000), while firms found to be stockpiling products face fines of between 50,000 and 500,000 liras ($6,800-$68,000).

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