PodcastTurkey's year of price hikes: Goods and services surge to record levels in 2024
In 2024, as inflation continued to deeply impact Turkey, consecutive price hikes were implemented across a wide range of goods and services. Here is Duvar English's reflection on the cost of living in Turkey over the past year.
Duvar English
In 2024, Turkey witnessed a series of consecutive price hikes on a wide range of goods and services, including fuel, natural gas, public transportation, alcohol, and cigarettes.
Rent
The 25% cap on rent increases for residential properties ended on July 1, 2024. In the new period, rent increase rates are determined based on inflation figures according to the Consumer Price Index (CPI).
The monthly rent increase rates were 65.07% in July 2024, 65.93% in August 2024, 64.91% in September 2024, 63.47% in October 2024, and 62.02% in November 2024.
Natural gas
Natural gas was provided free of charge to all residential consumers for one month before the May 2023 elections, and up to 25 cubic meters per month of consumption was not billed until the end of April 2024. With the completion of the May 2023 General Elections and the March 2024 Local Elections, natural gas also saw a price increase.
Thus, as of Aug. 1, 2024, the price of natural gas used in homes increased by 38%. As of August, the wholesale price of natural gas used in homes increased by 38%, and the price of natural gas used by free consumers with an annual natural gas consumption of 300,000 cubic meters or less, excluding electricity generation, increased by 33.1%.
Electricity
Retail electricity prices increased by 38% for residential users, 30% for agricultural activities, 38% for the low-tier public and private service sector users, and 20% for the high-tier public and private service sector users. The new rates took effect on July 1, 2024.