Turkey’s producers face tough choices after staggering energy hikes
Industrial enterprises in crisis-hit Turkey have faced energy price hikes of up to 400% over a year, atop other economic blows, and many might not survive the turmoil, experts warn.
Massive price hikes on electricity and other energy items have dominated Turkey’s public agenda for weeks, aggravating costs in an economy that was already grappling with soaring inflation fueled by the sharp depreciation of the Turkish lira.
Households were hit by gas and electricity hikes of up to 127% at the turn of the year, while the industry has faced even higher energy hikes, reaching up to 400% over a year. The skyrocketing costs of the industry are reflected in the big gap between producer and consumer inflations, which climbed respectively to 93.5% and 48.7% in January.
