According to data released on Saturday, inflation in Turkey’s largest city, Istanbul, increased by the most in at least a decade last month. President Tayyip Erdogan’s government raised electricity and natural gas prices across the country sharply for the new year.
Petrol, vehicle insurance and some bridge tolls increased in price, putting extra strain on an economy already dealing with rising inflation and a currency crisis brought on by a series of unconventional interest rate cuts.
Electricity prices were raised by as much as 125 percent for high-demand commercial customers and roughly 50 percent for lower-demand families for 2022, according to the Energy Market Regulatory Authority, citing high global energy inflation.
Natural gas prices increased by 25% for residential usage and 50% for industrial use in January, according to national distributor BOTAS.
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