Pricing

Olive oil producers in Türkiye are facing multiple challenges, including the risk of losing their markets amid turmoil in the global olive market and a ban on exports.

The price of olive oil has been on the rise globally, skyrocketing more than 100 percent, due to drought in European countries and a ban the Turkish government introduced on exports in August.

For the second month in a row, the general price index headed higher. Inflation rose to 2.7% in August from 2.5% in July as food prices remained steep, fuel prices strengthened, while increases were recorded in a range of services including transport, dining and health.

Only a decline in consumption, which could lead to an economic recession and signal the entry of the Greek economy into a new vicious cycle, can now lead to a reduction in food prices.

Istanbul Municipality's Transportation Coordination Center (UKOME) has approved a new regulation aimed at curbing the soaring school bus fees, ensuring that prices remain in line with the tariff set by the center.

In July, the Prices Observatory conducted by Cyprus' Consumer Protection Service (CPS) recorded increased prices for 32 out of 45 categories of staple foods.

There were price deductions for 13 staple food categories. However, there was an overall price hike of 1.21% compared to the previous month. This was attributed to increased prices of fresh and processed agricultural products.

Three ministries are working on a regulation to prevent the imposition of exorbitant maintenance fees in residential complexes and will soon present it to the parliament, a sector representative has said.

Compounding worries that prices of grains and fuels will help drive inflation higher are indications that olive oil, especially, but also sunflower oil will become far more expensive.

EU olive oil production this year is expected to be 40% lower than last year, and Turkey's decision to block exports until the November harvest will further depress supply.

The Halkidiki peninsula in northern Greece has long been a tourist hotspot. However, businesses there now seem to be adopting the kind of pricing policies seen on islands such as Mykonos and Santorini. Would-be beachgoers have to book sun beds days ahead and prices in general are skyrocketing.

The Special Consumption Tax (SCT) on natural gas for household use and petrol has been hiked, according to a decree published in the Official Gazette.

The SCT on petrol was increased by 5 Turkish Liras ($0.19), but including the value-added tax (VAT), the pump price will be some 6 liras higher, while the cost of filling up a 50-liter tank will rise to 1,702 liras.

Fuel sold at service stations off the Slovenian motorway network will come substantially pricier over the next two-week period with the price of regular petrol hitting a 7-month high and diesel not having been as expensive since late March.