ISTANBUL, Reuters – The country’s largest city, Istanbul, saw its inflation soar last month. President Tayyip Erdoan’s government increased electricity prices and national power rates for the New Year.

The prices of petrol, insurance, and bridges also rose, adding to the economic pressures that are already facing a rising inflation rate and an escalating currency crisis.

In light of high energy inflation worldwide, the Energy Market Regulatory Authority stated that electricity prices had been increased by up to 125% for commercial customers and around 50% for households with lower demand for 2022.

National distributor BOTAS reported that natural gas prices rose by 25% in January for residential usage and half for industrial use. For power generators, the price increase was 15%.

Istanbul is home to about a fifth of Turkey’s population of 84million. Retail prices rose 9.65% in December, compared with December 2011, for a 34.18% annual increase, according the Istanbul Chamber of Commerce. Prices for home appliances increased by more than 20% and food prices rose almost 15%.

ITO reported that wholesale prices increased by 11.96% between November and December, providing an increase of 47.10% annually.

Data and adjustments to the data will likely increase inflation in the country, which rose above 21% in Nov and was seen exceeding 30% in Dec., in large part due to currency crashes.

Following a fall of 44% in its currency against the dollar, the lira fell 44% last year. This was after the central banks, under Erdogan’s pressure, initiated a series rate reductions.

Others adjustments were a 20% rise in the mandatory vehicle insurance costs of those who have the highest deductible.

According to the Energy, Petroleum, Gas Stations Employers Union, EPGIS, petrol prices rose by over half a litre per liter, while diesel prices increased 1.29 Liras.