Turkey increases electricity prices 37 percent after election – report

Turkey increased the price of electricity by 37 percent following Sunday’s local elections, according to news website Gazete Duvar.

Gazete Duvar made the calculations based on a decision in the Official Gazette, which set out the price at which power producers sell electricity to distributors.

Turkey’s government had frozen electricity prices for several months ahead of the elections. It had delayed price increases in order to slow inflation and boost economic growth. The economy shrank for two straight quarters in the second half of last year, signifying a technical recession. Annual inflation stands at almost 20 percent.

President Recep Tayyip Erdoğan’s government suffered major losses in the local elections despite its alliance with the Nationalist Action Party (MHP) garnering more than 50 percent of the total vote. The main opposition Republican People’s Party (CHP) took several major cities, including Ankara and Istanbul, though the ruling Justice and Development party (AKP) is disputing the results citing alleged ballot counting discrepancies.