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Turkey to hike electricity prices

Turkey to hike electricity pricesTurkey’s energy regulator will raise electricity prices by 14 percent for industrial use and 9 percent for residential use from 1 September, 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.