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Turkish food union about food speculation

Staff writer |
TGDF president Semsi Topuz said speculation about and the stockpiling of food products is at the unbearable point and he has called for inspector controls.

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At a press conference in Istanbul focused on the recent price increases in products such as wheat, hazelnuts and pistachios, Federation of Turkish Food and Drink Industry Associations (TGDF) president emphasized the urgent need for governmental controls over speculation of these products. Mr. Topuz claimed that the underlying factor behind price increases is, in addition to losses on harvest stemming from changing climate conditions, the stockpiling of food products for better sales.

Mentioning last year's harvest and market price for hazelnuts, Mr. Topuz said prices have since increased 75 percent. Comparing last year prices, he admitted the climate is partially to blame for undesirable market conditions; however, he focused more on the speculation and stockpiling of food products.

Turkey has sustained a period of drought since the end of 2013 that at times coincided with frost, which resulted in extremely disappointing yields for Turkish farmers. The inflation rate has risen to levels higher than anticipated due to the surge in prices. Dozens of fruits, vegetables and nuts have rapidly increased in price in recent months.

Emphasizing that the TGDF is the biggest nongovernmental organization (NGO) in the food and drink sector, Mr. Topuz urged governmental bodies to take proactive measures. He stated that the federation had negotiated these sectoral problems with authorities before and added that since the elections have passed, now is the time to shift the agenda towards such issues.

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