Turkey's Trade Ministry said Wednesday that 208 companies, which were found to have made exorbitant price increases, were fined TL 6.87 million ($870,532).

According to a statement released by the ministry, 1,861 files have been solved so far after investigations were conducted by the Board of Evaluation of Unfair Prices. The board has increased inspections after receiving many complaints from citizens on the exorbitant price hikes, specifically for basic consumer products.

Under the coordination of Consumer Protection and Market Surveillance and General Directorates of Domestic Trade and Provincial Directorates, inspections were carried out in 81 provinces to detect price increases that have not accorded with the supply-demand balance in markets and wholesalers.

As a result of the inspections, the Board of Evaluation of Unfair Prices demanded that the inspected firms submit a request for defense. Additionally, administrative fines ranging from TL 10,000 to TL 100,000 were imposed on those who were determined to have made an unfair price increase. Firms that carried out stocking were fined from TL 50,000 to TL 500,000.

In total there were firms inspected in 33 provinces by the provincial directorates of trade and the Revenue Administration for unfair price increases, and the reports on these inspections were submitted to the General Directorate of Domestic Trade, which carries out the secretariat of the Unfair Price Evaluation Board.

Also, the Revenue Administration and provincial directorates of trade inspected approximately 1,500 companies.

Applications for vegetables, fruits, basic food products, protective health products such as surgical masks, hand disinfectants and various cleaning and hygiene products stood at the top of the list regarding the exorbitant price increases.