Turkey has raised electricity prices by rates ranging between 50 and 100% for domestic use and for companies, and again raised prices in monthly natural gas bills, which increases the burdens in an economy reeling under the weight of high inflation.
And the authority responsible for regulating the energy sector in the country announced that electricity prices increased by about 50% for low-consumption domestic use in 2022, while they increased by more than 100% for high-consumption industrial use.
Turkish state pipeline company Botas said in a separate report that natural gas prices jumped 25% for domestic use and 50% for industrial use in January. The increase in gas prices used to produce electricity reached 15%.
Turkey’s annual inflation jumped above 21 percent in November and appeared to exceed 30 percent in December, after the currency’s value collapsed in the past few months as a result of a series of unconventional interest rate cuts.
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