Reuters reveals Turkey hikes energy prices; Istanbul monthly inflation highest in a decade

Reuters exclusively reported that inflation soared by the most in at least a decade in Turkey’s biggest city, Istanbul, last month after President Tayyip Erdogan’s government sharply raised nationwide electricity and natural gas prices for the new year. Prices also jumped for petrol, car insurance and some bridge tolls, adding more strain to an economy facing surging inflation and a currency crisis that was triggered by a series of unorthodox interest rate cuts. The Energy Market Regulatory Authority, citing high global energy inflation, said electricity prices were raised by as much as 125% for high-demand commercial users and by around 50% for lower-demand households for 2022.