Econostrum | Economic News in the Mediterranean

Massive increase in gas and electricity prices in Turkey

Written by Gérard Tur on Thursday, September 1st 2022 à 17:15 | Read 941 times

Already facing an inflation of at least 80%, Turks must face a 20% increase in gas and electricity for households, 50% for businesses.

Heating and lighting will become a luxury in Turkey (photo: GT)
Heating and lighting will become a luxury in Turkey (photo: GT)
TURKEY. EPDKL, the Turkish electricity regulator, and its gas counterpart Botals, have just decided to apply, from Thursday 1 September 2022, a 20% increase in electricity and gas prices for private individuals, and 50% for companies.

This measure should further accelerate inflation in the country. According to the Turkish authorities, it was 80% in July 2022 (over a sliding 12-month period), and at least 150% according to economists independent of the government.

This surge in prices is to be weighed against the growth in Turkish GDP, which was 7.6% in the second quarter of 2022. A high rate that is deceptive. It is explained by inflation and by the increase in exports made possible by the collapse of the value of the Turkish lira.


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