Turkey’s energy regulator will raise electricity prices by 14 percent for industrial use and 9 percent for residential use from Sept. 1, according to figures published in the government’s Official Gazette overnight.
The rate hikes, which will further feed double-digit inflation, highlight another impact of Turkey’s on-going currency crisis. The lira currency has fallen some 42 percent this year, hitting energy producers hard as Turkey is almost wholly reliant on imports for its energy needs.