Turkey: Electricity and natural gas prices increased by up to 50%

Turkey: Electricity and natural gas prices increased by up to 50%

Energy market regulator EMRA and state-owned energy importer BOTAŞ announced late on Wednesday that electricity and natural gas prices were increased in two separate statements as of September 1.

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Energy market regulator EMRA and state-owned energy importer BOTAŞ announced late on Wednesday that electricity and natural gas prices were increased in two separate statements as of September 1. According to this;

-20% increase in electricity prices for residences and agricultural activities, and up to 50% for industrial use.

-BOTAŞ said that natural gas prices increased by 20.4% in households and 50.8% in industrial use.

-Natural gas prices used in electricity generation increased by 49.5%.

We consider it as a factor that will adversely affect input costs and increase price pressure on the industry as oil prices decline in the world. In general, in the current concept of inflation, the base of action by both the Central Bank and central price adjustments has an increasing effect on inflation. Energy is one of the items that are affected by the foreign currency-based cost of imports, and the continuation of the upward trend on the foreign currency side does not offer an area for us to lower prices, even if the stress on input costs in the world decreases. Although efforts are made to suppress the foreign exchange and maintain the FX-linked deposit, the increase in foreign exchange continues, except for partial pressures.

Of course, on top of the direct effects of residential electricity and natural gas, the increasing cost in industries and its spillover effect on other inputs, final goods and services prices should also be taken into account on the basis of the total effect on inflation. Therefore, the direct effect is calculated as 0.8 plus points within the scope of residential electricity with a weight of 2.31% and residential natural gas with a weight of 1.55%, while the effect of industrial costs is affected by factors such as price pass-through, exchange rate pass-through, markup effect on the final product price, consumer behavior. will show. Therefore, the overall effect may be around 2 – 2.5 points and may create revisions on inflation expectations on both monthly and annual basis.

Kaynak: Tera Yatırım-Enver Erkan
Hibya Haber Ajansı