Turkey increased natural gas prices for businesses and electricity producers, adding to inflationary pressures that had forced the central bank to raise interest rates sharply.
The announcement by state-run gas company Botas late Saturday includes major industries and small and medium-sized enterprises. It follows a 20% increase in electricity prices for industrial consumers that comes into effect Sunday.
Bloomberg Economics forecasts inflation to accelerate 61% in September on year, with the potential to reach 70% in the near future.Istanbul city annual retail inflation rose 73% in September, compared with 74% in August, according to data published by the Istanbul Chamber of Commerce on Sunday. Month-on-month inflation was 5.5% in Istanbul, compared with a 8.8% increase in August. Clothing, education and furniture led price increases in September.
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