Turkey raises energy prices; Istanbul monthly inflation rate hits highest in ten years Reuters


© Reuters. File photo: On December 17, 2021, vehicles line up at a gas station in Ankara, Turkey. REUTERS/Cagla Gurdogan


ISTANBUL (Reuters)-Data on Saturday showed that the inflation rate in Istanbul, Turkey’s largest city, soared last month to the highest level in at least a decade, and the government of President Tayyip Erdogan increased significantly. National electricity and prices for the new year.

The prices of gasoline, car insurance and some bridge tolls have also risen, which has put more pressure on the economy facing soaring inflation and a currency crisis that was triggered by a series of unorthodox interest rate cuts.

The Energy Market Regulatory Authority stated on the grounds of high global energy inflation that by 2022, electricity prices for high-demand commercial users will rise by 125%, and electricity prices for low-demand households will rise by about 50%.

According to BOTAS, a national distributor, residential natural gas prices rose by 25% in January and industrial natural gas prices rose by 50%. The price of generators increased by 15%.

According to the Istanbul Chamber of Commerce (ITO), in Istanbul, approximately one-fifth of Turkey’s 84 million population is located in Istanbul, and retail prices rose by 9.65% from the previous month in December, which represents a year-on-year increase of 34.18%. The price of home appliances has risen by more than 20%, while the price of food has risen by nearly 15%.

According to ITO, wholesale prices in the city rose 11.96% from November, an annual increase of 47.10%.

Data and adjustments may boost the country’s overall annual inflation rate, which jumped to more than 21% in November, and is expected to exceed 30% in December, and continue to rise, mainly due to the currency collapse.

Since September last year, the exchange rate of the lira against the U.S. dollar has fallen by 44%, when the central bank began a series of aggressive rate cuts under Erdogan’s pressure.

Other adjustments include a 20% increase in mandatory vehicle insurance costs for the person with the highest deductible.

The Energy, Petroleum and Gas Station Employers Union (EPGIS) said on Friday that gasoline prices rose by more than half lire per liter, while diesel prices rose by 1.29 lire.

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