Economy in Turkey: Big increase in prices of imported products at the door

The increase in exchange rates has triggered an increase in imported products or products that use imported inputs in their production. There will be a big hike in fuel prices tonight. A liter of gasoline will increase by 2 TL 37 cents. Diesel and auto-gas prices will also be increased.

The wave of hikes will also hit cars and mobile phones (computers). Mr. TURNACI, the President of MOBISAD (Mobile Communication Tools & Information Technologies Association said that the increase in the dollar exchange rate would inevitably bring the increase in mobile phones and parts, to the agenda. He said that a hike in the range of 20-25 percent could be applied for mobile phones in a 3 month period.

MOBILE PHONE PREFERENCE OF CONSUMERS SHIFT TO PRODUCTS IN ENTRY SEGMENT

Turnacı also said that with the recent events in the economy, the citizens’ mobile phone preference had also changed, and citizens were turning to products in the “entry” segment of 6-7 thousand TL more.

He stated that there had also been a change in the product market in the upper segment adding “Those with high income levels prefer to buy upper segment mobile phones from abroad instead of Turkey. The market in this segment, 70 percent has shifted abroad. Why? Because, there is a difference of 20-25 thousand TL between foreign and domestic prices. It is cheaper abroad.”