Turkey raises electricity, gas prices by 50-100% for New Year

Turkey has sharply raised electricity prices by 50-100% for households and companies on Saturday, and again increased monthly natural gas bills.

The Energy Market Regulatory Authority said electricity prices were raised around 50% for lower-demand households for 2022, while they were increased by more than 100% for high-demand commercial users.

Natural gas prices jumped 25% for residential use and 50% for industrial use in January, national distributor BOTAS said separately. The price rise was 15% for electricity-generating industrial use.

Turkey’s annual inflation jumped above 21% in November and is seen surpassing 30% in December, after a currency crash in recent months brought on by a series of unorthodox interest rate cuts.