Hazelnut Market Update 25.01.24

Date: 25th January 2024 Category: Latest News
Hazelnut Market Update 25.01.24

The hazelnut market has witnessed a rising trend in the new year, with a noteworthy shift in the price on inshell hazelnuts. Within span of less than a month, the price has surged from 90 lira to 112.50 lira. The domestic market continues to grapple with unease, primarily due to lower-than-expected crop yields.

The discernable impact of the 49% increase in the minimum wage is evident, leading to a substantial rise in labour costs surpassing those of previous periods. Despite the current official inflation rate reaching 64.77% in Turkey, the currency exhibits relative stability. Notable exchange rate fluctuations are not anticipated until the upcoming election scheduled for 31st March.

In tandem with these market dynamics, it is noteworthy that the central bank has implemented a policy interest rate of 2.5%, bringing it to the current level of 45%. This adjustment reflects the central bank's response to prevailing economic conditions.

Market dynamics remain characterised by ongoing volatility resulting in price fluctuations. Consequently, as of today, the market has returned to elevated price levels.

via Ronly Gida