Turkey Opens Government Vegetable Stalls in Battle with Inflation

Turkish authorities opened their own markets to sell cheap vegetables directly to shoppers. (Reuters)
Turkish authorities opened their own markets to sell cheap vegetables directly to shoppers. (Reuters)
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Turkey Opens Government Vegetable Stalls in Battle with Inflation

Turkish authorities opened their own markets to sell cheap vegetables directly to shoppers. (Reuters)
Turkish authorities opened their own markets to sell cheap vegetables directly to shoppers. (Reuters)

Battling a sharp rise in food costs, Turkish authorities opened their own markets on Monday to sell cheap vegetables directly to shoppers, cutting out retailers who the government has accused of jacking up prices.

Crowds queued outside municipality tents to buy tomatoes, onions and peppers in Istanbul's Bayrampasa district, waiting for an hour for items selling at half the regular shop prices, said a Reuters report Monday.

The move to set up state markets follows a 31 percent year-on-year surge in food prices in January and precedes local elections next month in which President Tayyip Erdogan's AK Party faces a tough challenge to maintain support.

Traders blamed storms in southern Turkey's farming region for food price inflation, as well as rising costs of labor and transport. Authorities called it "food terror" and said they would punish anyone trying to keep prices artificially high.

"This was a game. They started manipulating prices, they tried to make prices skyrocket," President Recep Tayyip Erdogan said in a campaign speech on Monday. "This was an attempt to terrorize (society)," Erdogan said.

Under the government initiative, municipalities are selling vegetables at around 50 percent of prices recorded by the Turkish Statistical Institute in January. A maximum of three kilos of goods per person is allowed.

The move will be extended to rice and pulses such as lentils, as well as cleaning products, Erdogan said.

The project is currently taking place only in Istanbul, where around 50 sites are selling the cut-price goods, and in the capital Ankara. That means it is unlikely to have a direct impact on national inflation figures, but could mitigate the price rises for residents of Turkey's two largest cities, explained Reuters.

Barely managing

Mustafa Dilli, 55, said he was struggling to make ends meet and hoped shops would follow suit by lowering their prices. "I think I can only shop here from now on," he said. "We barely make it through to the end of the month."

Several shoppers in Bayrampasa said they hoped the sales would carry on after next month's vote. "I am curious whether this will continue after the elections," 43-year-old housewife Nebahat Deniz said as she bought spinach and eggplants.

Agriculture Minister Bekir Pakdemirli, visiting a tent set up by the Ankara municipality, said the project would continue as long as it is needed, and could become permanent.

Last week, authorities inspected fresh produce wholesalers and imposed fines totaling 2 million lira ($380,000) on 88 firms for setting unreasonably high prices, according to the Trade Ministry.

At an Istanbul food market in a covered parking lot, traders complained that they could not compete with municipality stalls they said were subsidized by taxpayers and had been set up to win votes.

Standing behind an array of peppers, tomatoes and fresh greens, one trader said he was being hit by rising costs across the board.

"Prices in the food market are affected by the price of plastic bags, employee wages, stall fees, taxes, fuel prices. All of them are increasing the cost of the goods," said the trader, who only gave his first name, Yusuf.

"The government does not have these costs," Yusuf said. "All of their costs are paid from the money out of our pockets."

Another vendor, Erkan, said municipality sales were aimed purely at maximizing votes. "After the election, municipality sales will halt," he said.

Erkan said the profit margin at his own stall, which supports three or four families, was very tight.

"If we buy for 8 liras per kilo from the wholesaler we sell with little profit. We sell the goods for 9 liras for example," he added.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.