Turkey’s State-Run Energy Agency Raises Prices By Up To 125% As Inflation Crisis Continues
Turkish authorities drastically hiked energy prices as the nation’s inflation crisis worsens.
As of last month, the Turkish lira has lost 50% of its value against the dollar compared to the previous year’s levels — meaning that citizens are faced with diminishing purchasing power and continuous price uncertainty.
President Recep Tayyip Erdogan’s government therefore raised energy prices, according to Reuters:
The Energy Market Regulatory Authority, citing high global energy inflation, said electricity prices were raised by as much as 125% for high-demand commercial users and by around 50% for lower-demand households for 2022.
Natural gas prices jumped 25% for residential use and 50% for industrial use in January, national distributor BOTAS said. The price rise was 15% for power generators.
In Istanbul, home to around a fifth of Turkey’s population of 84 million, retail prices jumped 9.65% month on month in December for an annual rise of 34.18%, the Istanbul Chamber of Commerce (ITO) said. Home appliance prices were up more than 20% while food rose nearly 15%. Wholesale prices in the city jumped 11.96% from November for an annual rise of 47.10%, ITO said.
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