Turkey increases electricity prices for second time this year
Turkey's Energy Market Regulatory Authority (EPDK) has increased the price of electricity by 15 percent. This is the second increase this year as the EPDK had already announced a 6 percent price hike in January.
Turkey's EPDK energy regulator said on June 30 it will hike consumer electricity prices by 15 percent in response to rising costs.
The new increase will take effect on July 1. This is the second increase this year as the EPDK had already announced a 6 percent price hike in January.
Official annual inflation is near 17 percent in the country, although the real inflation rate is said to be above 30 percent.
Turkey’s state-run statistics institute TÜİK is criticized for hiding the real data, as the stated inflation rate is four times lower than the real one according to experts.
The Turkish economy, which was already sluggish before the COVID-19 crisis, is now in a deep crisis. In just over one year, more than 2.5 million people lost their jobs, the Turkish Central Bank has burned all of its net reserves to keep lira steady, and the budget deficit widened further.