Nuts

Hazelnuts: costs get out of hand

January 10, 2024 at 12:03 PM , Der AUDITOR
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ORDU. Exporters in Turkey have abandoned all hopes of being able to compete as the prices for hazelnuts have skyrocketed to new highs. Drivers are unrealistic expectations prompted by Ferrero along with the hike in minimum wages.

Ferrero adds fuel to fire

As of 01 January, the minimum wage rose by a staggering 49% to TRY 17,002 per month (EUR 520, USD 567) as compared with the last rise in June 2023. Designed to help people cope with the cost-of-living crisis the move will certainly appeal to voters ahead of the nationwide local elections at the end of March 2024. Yet, the increase will add to the country’s soaring inflation. Last year, the Turkish lira depreciated 35% against the dollar and the central bank has increased the key interest rate seven times in a row to 42.5% in recent mo

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