Energy prices threaten to aggravate Turkey’s economic woes
Natural gas prices have shot up in Turkey, where heavy reliance on foreign energy sources leave the economy vulnerable.
Turks woke up to a huge hike in natural gas prices Nov. 1, the latest in a series of energy price increases that threaten to further stoke inflation and popular frustration with Ankara’s economic management.
The price of natural gas used by power plants was raised by 46.8% and the price of gas used by industrial enterprises by 48.4%. Consumer prices remained unchanged, but consumers can hardly escape the inflationary impact the hikes will have across an economy that is already grappling with a nearly 20% inflation and a nosediving currency.
