Page 14 - TURKRptJul21

“They used to charge Turkish lira (TRY) 90 for breakfast for one person before COVID-19, but now they are charging TRY130,” said Murat Kasibeyaz, from Kasibeyaz Lezzet Group.
“This is the case for the entire industry, it is not specific to ‘breakfast restaurants’,” he added.
Food inflation is currently running at 35%, said Huseyin Aymutlu, chairman of Happy Moon Group, which operates several restaurants.
“The weaker currency, logistics and employee costs...all increased. But we are not able to increase our prices as much as the rise in our costs,” he said.
From January to June, room prices at 10,000 hotels increased on average by 44%, according to booking platform neredekal.com.
Hotels in Antalya, which is a major Mediterranean holiday destination for Russian tourists, and Mugla, on the Aegean coast, took the lead in price increases at 70%.
4.3 Industrial sectors and trade 4.3.1 PMI Production dynamics
Turkey Manufacturing Purchasing Managers’ Index (PMI) fell to 49.3 in May from 50.4 in April. Supply-chain disruption in Turkish manufacturing remained a problem as highlighted by a marked lengthening of vendor delivery times.
Difficulties securing raw materials often led to increases in their prices. Input costs rose sharply again in May, and at a slightly faster pace than in the previous month. Currency weakness was also reportedly a factor behind higher input costs. In turn, firms raised their own selling prices, and at a steep pace that was the strongest in the year-to-date.
4.3.2 Corporate profits dynamics
Turkey's main refiner Tupras (TUPRS), a Koc Holding (KCHOL) subsidiary, has kept top place in the Top 500 Industrial Enterprises ranking for Turkey in 2020, published by the Istanbul Chamber of Industry (ISO). See full list here.
14 TURKEY Country Report July 2021 www.intellinews.com