Turkey’s official anti-trust watchdog expects to impose a new raft of fines on some of the country’s top retailers and wholesalers after an investigation found they were colluding to drive up prices.
The warning comes after five of the country’s largest chain stores, as well as a supplier of olive oil, were fined 2.6 billion liras ($155 million) following an investigation that concluded last year.
“Not all price hikes are the result of costs, demand or rising commodity prices on global markets. If that difference in prices is caused by a lack of competition, that is our responsibility,” said Birol Kule, head of Turkey’s Competition Agency, in an interview. “I can’t sleep when I think about our role in inflation.”
Read More: Antitrust Chronicle™ – Intermediaries
The Competition Agency has stepped up inspections as President Recep Tayyip Erdogan resists pressure to tighten monetary policy, blaming runaway price rises on hoarding and collusion by retailers and middlemen. Turkish competition authorities have taken a harder stance against price-fixing and other competition violations in recent years, with the agency planning to expand its capacity significantly in coming years.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Turkey Fines Meta $10.4 Million for Abusing Market Dominance
May 6, 2024 by
CPI
Canadian Watchdog Launches Inquiry into Lululemon’s Greenwashing Practices
May 6, 2024 by
CPI
Massachusetts Supreme Court Deliberates Ballot Redefining Gig Worker Status
May 6, 2024 by
CPI
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI