New Year “sad” for the Turks who have seen the prices of goods and services increase and their salaries decrease … Turkey today, Saturday, increased the prices of electricity – from 50% to 100% – for households and businesses and has once again raised its monthly gas bills, putting pressure on an economy facing rampant inflation.
The Energy Market Regulatory Authority said electricity prices rose about 50% for lower-demand households by 2022, while rising more than 100% for high-demand commercial users.
Gas prices rose 25% for domestic use and 50% for industrial use in January, distribution company BOTAS said in a separate statement. The price increase is 15% for industrial use of electricity generation.
At the same time, annual inflation in Turkey soared above 21% in November and is likely to exceed 30% in December, following the devaluation of the national currency, the pound, in recent months caused by a series of unorthodox declines in interest rates.
Yesterday, Erdogan called on Turks to maintain Turkish pound savings and transfer their gold reserves to banks, saying market fluctuations are largely under control. Following his statements, the pound … extended its losses. The dollar is equal to 13.32 Turkish pounds, while one euro reaches 15.15 pounds.
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