Turkish President Recep Erdogan on Monday said that heavy penalties will be imposed on people who fail to comply with the government’s new economic measures to curb skyrocketing prices.

“With the inspection teams we have established, we will impose severe penal sanctions on those violating the steps we have taken,’’ Mr Erdogan told reporters in Istanbul before departing for the United Arab Emirates (UAE).

The president stressed that relevant ministries would regularly carry on audits with all their inspectors.

On Saturday, Mr Erdogan said his government lowered the value-added tax (VAT) on basic food products from eight per cent to one per cent.

The VAT was to ease the burden of Turkish citizens amid the soaring cost of living caused by high inflation.

In line with the decisions, starting Monday, grocery stores and supermarkets are expected to cut the prices of the designated products, including white and red meat, beans, lentils, chickpeas, and babies’ foods, according to media reports.

Turkey’s annual inflation surged to a two-decade high of 48.7 per cent in January.

(Xinhua/NAN)