Health Ministry to Raise Drug Prices by 37%, Strike Action Resumes

LOCAL NEWS

• Health Ministry set to increase drug prices by over 37% as of this weekend in line with its annual price hike based on the EUR/TRY exchange rate. Prices were fixed at 4.57 TRY per EUR will be raised to 6.29 – Ahval
• CHP sets up billboards across Istanbul in protest of massive price hikes with citizens also hanging their utility bills and written reactions to rising prices on the boards.
  • Billboards were set up in 39 districts with the CHP saying it would protest the hikes until they’re removed – Duvar
• Erdogan warns of sanctions against defying new measures to curb inflation by assembling inspection teams to impose penalties on those violating anti-inflation measures.
  • Grocery stores are expected to cut prices of whit & red meat, beans, lentils, chickpeas and baby food according to the new regulations and VAT reduction scheme launched over the weekend. Erdogan says relevant ministries will carry out audits to ensure compliance – Ahval
• Delivery couriers of food company Yemeksepeti enter 14th day of their strike action, calling for a raise to 5,500 liras vs the 4,250 offer which equates to minimum wage. Similar protests have been breaking out in restaurants and shops where utility bills have doubled and even tripled in the last month due to inflation – Duvar

Data:

• 0800GMT: Jan Central govt budget balance, -145.7bn prior