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Agriculture Cooperatives’ Supermarkets Began Offering Cheaper Goods In Turkey

Nearly 1,4000 supermarkets operated by the Agricultural Credit Cooperatives on Aug. 15 began to offer more than 30 items, at discounted prices.

Those items include, meat, poultry, flour, sugar, rice, onions, sunflower seed oil, liquid soaps and paper towels as well as some fruits.

The move came after Recep Tayyip Erdoğan announced last week that the Agricultural Credit Cooperatives will lower its prices.

“We will start selling cattle with a 30-35 percent discount. This will also align those who upset the balance of the markets,” Erdoğan said on Aug. 10, adding that he gave instructions to the Agricultural Credit Cooperatives.

The Agricultural Credit Cooperatives is a not for profit-oriented institution, the president added.

“We are expecting other retailers to follow suit, and this will have a favorable impact on food prices,” Treasury and Finance Minister Nureddin Nebati wrote on Twitter.

“We are determined to protect people against food inflation.”

The minister recalled that the global food prices entered a downward trend after reaching record levels in February and that global prices fell by 0.6 percent in May, 2.3 percent in June and 8.6 percent in July and noted that Türkiye’s agricultural production has increased considerably this year.

The Meat and Milk Board is preparing to offer its packed products at discounted prices once it secures the supplies.

People flocked to the supermarkets operated by the Agricultural Credit Cooperatives yesterday to take advantage of lower prices, forming long lines in front of the stores.

A 5-liter sunflower seed oil was sold for 147 liras at the Cooperatives’ supermarkets, down from 162 liras, while the price of a pack of 5-kilogram flour was reduced from 64.5 liras to 50 liras.

“This move should force other supermarket chains to take action. People will choose [the Agricultural Credit Cooperatives’] supermarkets over other stores, which will eventually have to adjust their prices,” said one shopper.

Food and non-alcoholic beverages prices increased by 3.15 percent in July from June, for an annual increase of 94.65 percent, according to the latest data.

Unprocessed food prices rose by 2.64 percent month-on-month and 91 percent annually. Processed food prices exhibited a monthly increase of 3.61 percent, which brought the year-on-year increase to 98 percent.

Bread and cereals prices increased by 5.89 percent last month and the annual increase in those items was around 103 percent.

The consumer price index advanced 2.37 percent in July from June. The annual consumer price inflation, consequently, quickened from 78.6 percent in June to 79.6 percent last month.

In July, the Central Bank revised upwards its end-2022 inflation forecast from a previous 42.8 percent to 60.4 percent. It also lifted the inflation forecast for 2023 from 12.9 percent to 19.2 percent. The bank expects inflation to ease to 8.8 percent at the end of 2024.

Meanwhile, the Turkish Statistical Institute (TÜİK) reported yesterday that agriculture producer price index increased by 5 percent in July from June. The annual increase in the index accelerated from 148.9 percent in June to 158 percent last month.

The index for perennial crops rose by 136 percent year-on-year and increased by 199 percent for non-perennial crops. The increase was 119 percent for live animals and animal products.

Source: https://www.hurriyetdailynews.com/agriculture-cooperatives-supermarkets-began-offering-cheaper-goods-176144

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