Turks dissatisfied, electricity prices up by 50 and gas by 25 percent

(Patria) - The new year started shockingly for residents of Turkey, with a major increase in electricity and gas prices. 

Electricity prices for households in 2022 rose by 50 percent, and for industry by as much as 125 percent, announced the Energy Market Regulatory Authority, explaining that energy prices on the world market had risen.

The price of natural gas jumped 25 percent for households and 50 percent for industry, announced the national distributor BOTAS.

The purchasing power of Turkish consumers is declining due to inflation, which has risen by more than 21 percent, and the fall in the value of the Turkish lira after a series of interest rate cuts.

In Istanbul, retail prices in December rose by nearly 35 percent compared to a year earlier, the highest in recent years, announced the Istanbul Chamber of Commerce.

The new price increases will further boost inflation. The Turkish lira has weakened by nearly 45 percent against the US dollar over the past year.