September 1, 2018 / 6:53 AM / 2 months ago

Turkey to hike electricity prices by 9-14 pct from Sept 1, government says

ANKARA, Sept 1 (Reuters) - 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. (Reporting by Orhan Coskun; Writing by David Dolan; Editing by Toby Chopra)

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