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    Turkey plans to increase electricity prices

    Hurriyet English
    24.05.2008 - 11:26 | Son Güncelleme:

    Turkey plans to kick-off automatic pricing in electricity with a 14 percent hike for residences and a 19 percent for industry, the economy minister said in his remarks published in Referans business daily on Saturday.

    The government aims to start automatic pricing in July but the economy minister had previously said they are aiming to start in June.

    Mehmet Simsek's remarks came at a time when the high inflation mainly due to oil and food prices jittered investors and experts.

    Turkey has said in the Midterm Fiscal Framework it will stick to its single, low inflation goal and price stability is crucial. However Turkey's consumer prices rose 1.68 percent month-on-month in April, exceeding forecasts, for a year-on-year rise of 9.66 percent. Turkey has set a 4 percent inflation target for 2008. 

    Simsek said the midterm economic roadmap, announced early May, was a precondition for the IMF's post-program monitoring and it was prepared with the Fund, Referans reported.

    Turkey cut its 2008 public sector primary surplus target to 3.5 percent from 4.2 percent, and administrative budget deficit target to 1.4 percent of the gross domestic product for 2008 from an earlier target of 1.9 percent in its midterm roadmap.

    Photo: AA

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