Turkey started the new year with a sharp increase in electricity and gas prices

Turkey raised electricity prices by 50 to 100% for home use and for businesses on Saturday, and again raised prices in monthly natural gas bills, adding to the burden in an economy reeling from high inflation.

The authority responsible for regulating the energy sector in the country said 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 was 15%.

Turkey’s annual inflation jumped above 21% in November and appeared to exceed 30% 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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