Shock increases in gasoline and diesel sales
The increases, which accelerated with increases in interest and taxes, began to reduce domestic private consumption.
While retail sales volume at constant prices decreased by 4.7 percent in August 2023 compared to the previous month, one of the biggest declines was fuel sales.
Fuel sales, which fell 9 percent month-on-month in August, experienced the sharpest contraction since May 2021.
According to TÜİK data, fuel sales decreased by 1 percent in August compared to the same month last year.
Chairman of the Union of Employers of Gas and Power Supply Stations (EPGİS) Fesih Aktaş pointed to price increases as the reason for the decline in sales and said: “Due to the intense price increases in the previous period , citizens switched to the mass storage period, and we see its effects again in August. “The low consumption comes from there,” he said.
Reminding that “because in July there was an increase of 6 lira at a time, and then another increase due to the exchange rate,” Aktaş said: “People made purchases with cans, even plastics that can be used for large storage. “We see it reflected their data consumption fatigue,” he said.
INCREASE IN FEES AND TAXES AFTER THE ELECTIONS
Before the elections on May 14, the price per liter in Istanbul was 19.81 TL for gasoline and 18.58 TL for diesel.
In addition to the increase in oil prices and the dollar exchange rate after the elections, the government’s increase in the SCT and VAT caused extraordinary increases in fuel prices.
As of today, the price per liter in Istanbul is 33.64 TL for gasoline and 37.35 TL for diesel.
With the conflict environment becoming more intense in the Middle East, Brent oil prices are expected to increase by 5.7 percent yesterday and exceed $90, which will bring further increases.
THE HARDEST FALL IS ON FURNITURE
The steepest decline in monthly retail sales in August was in appliances and furniture. These sales, which fell 17.2 percent in one month, registered the steepest drop in the last 3.5 years until August.
Mustafa Balcı, chairman of the board of directors of the Turkish Furniture Manufacturers Association (MOSDER), stated that sales have fallen sharply due to the price increase of at least 40 percent since the beginning of the year and the fact that citizens They advanced their purchases with the concern that “new price increases will come.”
“There is a significant decrease in the number of customers coming to the store. “If last year 30 people came in this period, now between 10 and 15 people come,” Balcı said, adding: “We can give the same rate for the last 45 days. “The number of feet has decreased by 50 percent in the last 45 days,” he said.