Turkish authorities raised electricity and natural gas prices for households by around 20% and by around 50% for industry. Putting further upward pressure on inflation, which was running at nearly 80% in July.
The utility price hikes are expected to push inflation up by 0.8 percentage points, according to a Reuters calculation; while higher industrial prices also lead to an indirect increase in inflation as producers reflect the costs on to consumers.
Turkey’s EPDK energy regulator said it had raised household electricity prices by 20%. Those used by public and services sectors by 30% and those used in industry by 50%.
State energy importer BOTAS said it hiked the natural gas price for domestic use by 20.4%. By 47.6% for small- to medium-scale industrial customers, and by 50.8% for large industrial users.
The price of gas used for electricity production was by 49.5%, BOTAS said.