Turkey increased inflationary pressure on Saturday by dramatically increasing household electricity and natural gas tariffs, citing soaring global energy prices, Bloomberg reported.

The cost of electricity will skyrocket to 130% for some households, the Haberturk newspaper estimated, as the country moves to a progressive tariff system.

These measures could further boost Turkish inflation, which is expected to accelerate to 27.4% in December, according to the median estimate of a Bloomberg survey. The country’s statistics institute will announce the actual figure on Monday.

Under the new electricity charges, households will pay 1.37 lire ($ 0.09) per kilowatt hour up to 150 kilowatt hours per month, and 2.06 lire above that limit, the organization said. regulator of the country’s energy markets in a statement Friday night.

Botas, Turkey’s national gas company, has separately increased natural gas prices by 25% for households, 15% for power plants and 50% for factories from January 1, according to a statement released on Friday. evening on its website.

The weakening of the pound contributed to the surge in inflation. Annual retail prices in Turkey’s economic capital Istanbul rose more than 34% in December from 24% in November, according to data released by the city’s chamber of commerce on Saturday.

Retail prices in Istanbul soared 9.65% in December, from 4.71% the month before, as the cost of home appliances and food soared.