Turkey raises electricity and natural gas prices by up to 50% and is concerned about further inflationary pressure

The Turkish authorities have announced a 20% increase in electricity and natural gas prices for households and a 50% increase for the industry. This further increased inflationary pressures after inflation rose by almost 80% in July.

Rising utility prices will add 0.8% to inflation, while higher utility prices in the industry will indirectly raise inflation as manufacturers pass the cost burden on to consumers.

According to the Turkish Energy Market Regulatory Authority (EPDK), electricity costs for households rose by around 20%, for public services by around 30%, and for the industry by around 50%.

BOTAS, Turkey’s state-owned energy importer, said it had raised the domestic price of natural gas by 20.4% and by 47.6% for small and medium enterprises, and by as much as 50.8% for large companies.

BOTAS also reported that natural gas prices for power generation increased by 49.5%.

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