No sign of ease in Turkish food inflation, union says

The coming months will witness a continuing rise in food inflation, said Agriculturalistsand’ Association of Turkey President ibrahim Yetkin in a statement on Wednesday.
Food and non-alcoholic drink prices have risen 8.69 percent on average this year, according to Yetkin, a trend that cannot be explained by the poor weather conditions that lowered yields and created a major crisis for agricultural producers in 2014. On the contrary, climate conditions in 2015 were conducive to sufficient yields, indicating that food inflation stems from other causes.
and”There are a few reasons for the major increase in food prices in this country. With many products there is a huge difference between producer and consumer prices. This difference can range from 100 to 300 percent,and” Yetkin said, adding that the devaluation in the Turkish lira this year has increased costs for agricultural producers, which is reflected in the rising prices. Other agricultural producers, however, had claimed earlier in 2015 that poor weather conditions had driven down yields and spiked prices, and had also complained that speculating and the stockpiling of goods had contributed to unnaturally high market prices.
During a period where global food prices have hit five-year lows, prices in Turkey remain persistently high due to broader economic factors, such as the major weakening of the Turkish lira, which has been one of the worst-performing currencies this year. Inflation figures for the month of October, which were released on Tuesday, were at a six-month high mainly stemming from the beating that the lira has taken thus far this year.

SOURCE: TODAY’S ZAMAN

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