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Lira rate increases--restaurants increasing prices

Glasgow, United...
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for Icmeler
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2,687 posts
44 reviews
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Lira rate increases--restaurants increasing prices
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Well the lira has taken a pounding on money markets recently and the rate has shifted fairly dramatically from around 6.3 to 7.7 to £1

Been reading elsewhere that some restaurants have increased their prices, in some cases by around 20%.

Are they simply capitalising on the increase rate and taking advantage of holidaymaker, or doing the right thing.

As prices have gone up in some places, will the prices then drop if the rate drops??

Peterborough...
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1,084 posts
47 reviews
25 helpful votes
1. Re: Lira rate increases--restaurants increasing prices
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Its a tough one to call isn't it?

Businesses have wages to pay, bills etc.

I suppose the places that price in sterling will be charging more and as you say it will be interesting to see what happens when the rate falls.

Not sure what the Lira is doing vs. the Euro in comparison to the £ - we do need to remember that its not just the sterling rates that will affect the prices too.

Izmir, Turkiye
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74 posts
46 reviews
51 helpful votes
2. Re: Lira rate increases--restaurants increasing prices
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Some places are likely taking advantage of the situation, but honestly a lot of restaurants probably need to increase prices because inflation is also really high. The price of drinks and produce, for example, has increased a lot, so they'll have to reflect that in their prices.

Warrington, United...
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15 reviews
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3. Re: Lira rate increases--restaurants increasing prices
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Think some are taking advantage of holiday makers though upping their prices and ripping us off, they've only just got people going back to Turkey so if they want us to carry on coming don't rip us off, inflation hasn't risen by 25% in a week, bet they won't bring prices back down if it goes back to 6/7 lira

Leeds, United...
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4. Re: Lira rate increases--restaurants increasing prices
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Spot on Chezza. Matt

Cirali, Turkiye
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13,940 posts
33 reviews
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5. Re: Lira rate increases--restaurants increasing prices
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<<<<Are they simply capitalising on the increase rate and taking advantage of holidaymaker, or doing the right thing.<<<<

the fair people are doing the right thing. However as I have lived here as a local for now over 21 yrs. There has already been price increases to local turks for food, electricity, fuel etc etc etc..the inflation rate and tax hikes have hit us so in turn of course the prices might increase. Just visit a local supermarket and you will see the price changes

Istanbul, Turkiye
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14 reviews
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6. Re: Lira rate increases--restaurants increasing prices
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I think restaurants are being a little naughty, but the very high numbers of tourists this year lets them get away with it.

Kayakoy, Turkiye
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for Istanbul
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70 reviews
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7. Re: Lira rate increases--restaurants increasing prices
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Every year it is decision making for the prices of that season, and that is really so hard! As a foreigner it is very hard to understand how sudden prices can change for whichever reason. When you start the season with certain prices you normally work with the same prices for that season, and even if prices do increase in the middle of the season (they always do on July 1st) you continue with the same price list. This year this seems to be the impossible thing. we would end up working for nothing. It is not an opportunist naughty thing at all, taxes have gone up, the electric bill, meat prices, wages, social security, add it all up. This year for the first time we had to adjust our prices for the first time ever in mid season otherwise we we could only bite on a stick in the winter. This has two sides and it is a bit strange that we should think only on the profit the tourists could make from this collapse.

Istanbul, Turkiye
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8. Re: Lira rate increases--restaurants increasing prices
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" It is not an opportunist naughty thing at all, taxes have gone up, the electric bill, meat prices, wages, social security, add it all up."

The OP's question is about moves in the exchange rate affecting prices. (While these moves will no doubt feed through in part and in time, I cannot believe your per-unit electricity, social security, and wage costs have gone up 75% in one year, which is the increase in value of the USD versus the TRY).

Kayakoy, Turkiye
Destination Expert
for Istanbul
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10,708 posts
70 reviews
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9. Re: Lira rate increases--restaurants increasing prices
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That will effect the wages next year for sure, other prices have gone up already between 10% to 15%, we are talking 20% rise in the exchange rate, but it is speculating how that will develop, it might go up, it might also go down a bit again. We rose our prices 10%, fair enough. I have not seen places where they have put their prices up so drastically. I do not really like the tone that is set in so many threads that now the Turks will see the dollar signs in front of their eyes, all they do is mainly survive another season. Don't forget they have to do business with Turkish customers as well.

Brighton and Hove...
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3 reviews
32 helpful votes
10. Re: Lira rate increases--restaurants increasing prices
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Well said VR. I find it quite strange that people are questioning whether the Turkish traders are "taking advantage of them" when what (most) tourists actually seem to really want to do is to be the ones "taking advantage" by paying the same Lira amount whilst benefitting from the massive change in the exchange rate!

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