Market debate in the UK – Business-Life News

A similar market debate in Turkey is taking place in England. British farmers accused Tesco, the country’s largest supermarket, of living in a ‘parallel universe’.

Tesco Chairman John Allan said that food manufacturers are using inflation as an excuse to raise product prices more than they should.

While food prices in England increased by 16.8%, this increase attracted attention as it was the highest rate since September 1977. Eggs, milk and cheese were effective in the increase in food prices in the country.

Tesco Chairman John Allan, who participated in the BBC broadcast in the previous days, said that the company, which has a market share of 2.75 percent, is working to manage unfairly high prices and prices have been reduced in a series of supplier negotiations.

Minette Batters, head of the British National Farmers’ Association, described Allan’s comments as surprising.

Noting that farmers are faced with increasing production costs, Batters said, “Tesco Chairman John Allan lives in a parallel universe.”

“We are facing a 650 percent higher natural gas price than in 2019, and the cost inflation behind it is unprecedented. This increase has eclipsed any price increase to date,” Batters said.

IT WAS ALSO UPDATED IN TURKEY

As in the UK, markets in Turkey have been at the center of discussions for a while. Responding to calls from cabinet members at the beginning of January, food retailers decided to fix prices on many products.

Trade Minister Mehmet Muş, while meeting with the general managers of the 4 national chain markets with the most branches, warned the markets about the label prices after the minimum wage hike.

In his statements at the beginning of the month, Treasury and Finance Minister Nureddin Nebati stated that he had met with food retailers and that price increases could no longer be considered reasonable.