President Recep Tayyip Erdoğan on Monday slammed “greedy” pricing behavior in some sectors, attributing extraordinary hikes to opportunism rather than economic necessity, urging citizens to use their purchasing power as a tool to combat profiteering.
Speaking at a press conference following a cabinet meeting, Erdoğan emphasized the “freedom not to purchase” as a powerful method against businesses exploiting consumers with excessive pricing.
“One of the most effective methods to bring those who sell overpriced goods to their senses is boycotting. Our strongest weapon against opportunists is exercising our freedom not to purchase,” he stressed.
Erdoğan referred to last week’s official data that showed inflation eased more than expected in December to end 2024 at nearly 44.4% on an annual basis. He said the figures reaffirmed the government’s progress in fighting inflation.
The December figure marked the weakest inflation since June 2023 and hit the central bank’s midpoint target of 44% for year-end.
Erdoğan pointed out that annual inflation had dropped by 20 percentage points compared to the end of 2023 and by 31 percentage points from its peak in May 2024.
He expressed optimism that the downward trend would accelerate further in 2025.
Erdoğan criticized opportunistic practices and excessive profit motives, which he said were particularly evident in sectors like housing and rentals.
He acknowledged the additional housing demand caused by devastating earthquakes from early February 2023 but asserted that the price hikes in certain areas went beyond temporary supply-demand dynamics.
“During the disinflation process, we are combating greed-driven profiteering and opportunism that cannot be justified by temporary effects,” he stressed.
Türkiye has raised the minimum wage for 2025 by 30%, which Erdoğan said could impact costs, but stressed that these should not justify exorbitant price tags.
“The gap between labor cost increases and price hikes is sometimes staggering. A rise in costs by two or three units due to wage adjustments is being exploited as an excuse for five- or 10-unit price hikes,” he said.
“This is clearly a result of greed, avarice, and lack of conscience.”
Erdoğan said the government would increase inspections in 2025 to combat price gouging.
Last year, authorities slapped about 224,000 firms with TL 5 billion (about $140 million) in fines for engaging in exorbitant pricing, said Erdoğan. They also imposed fines of TL 366 million on 1,555 individuals and entities.
Erdoğan went on to remind businesses that free market principles do not equate to lawlessness. “A free market does not mean chaos. The goal of our inspections is not to interfere with the market but to ensure it operates on a healthy foundation,” he added.
The president expressed confidence in the government’s progress against inflation
“As inflation falls, the purchasing power of our workers, civil servants, retirees, farmers, and small-business owners will improve. Our target for 2025 is to largely resolve this issue,” Erdoğan concluded.
