ANKARA: The Turkish parliament on late Wednesday passed a law increasing fines for stockpiling in the face of the sharp fluctuations in the prices of goods in Turkey as the annual inflation has soared to a 19-year high.

The law envisages imposing higher fines between 100,000 Turkish Liras (around $7,334) and 2 million Turkish Liras (around $146, 685).

The law increases penalties for manufacturers, suppliers and retail businesses who engage in activities that cause disequilibrium in the market, hinder consumers’ access to goods, and distort free competition.

Turkish President Recep Tayyip Erdogan has pledged to calm price fluctuations arguing that the prices of goods are rising due to global trends, also because of “greed,” and stockpiling in local markets.

Turkey’s annual inflation topped 36 per cent, according to the figures of December.

Due to a slump of the Turkish currency lira, consumer prices increased by 13.58 per cent in December alone.

The Turkish lira has lost more than 40 per cent of its value last year against the dollar.

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