ISTANBUL — Turkish regulators announced Wednesday they would issue 3.6 million liras ($487,000) in fines on companies found to be charging "exorbitant" food prices as the nation grapples with high inflation.

In response to consumer complaints over rising food costs, the Ministry of Commerce conducted nationwide price audits on Jan. 19-20. It found that 120 firms were charging unjustifiably high prices. Individual companies face price-related fines ranging from 10,000 to 100,000 liras ($1,350 to $13,5000), while firms found to be stockpiling products face fines of between 50,000 and 500,000 liras ($6,800-$68,000).

In announcing the penalties, the ministry’s Unfair Price Evaluation Board said the most significant price increases were recorded on basic food products, like sunflower seed oil, chicken, eggs and flour.

The news comes as the nation continues to mitigate the impacts of the COVID-19 pandemic, which sparked a global economic slowdown that has been felt acutely in Turkey amid double-digit inflation. In 2020, the Turkish lira lost 20% of its value against the dollar, raising the cost of imported products while posing challenges to firms with foreign-currency-denominated loans.