Economic news

Turkey hikes fuel tax by 6%, aims to control inflation

2024.12.30 21:54

ANKARA (Reuters) – Turkey imposed a 6% tax hike on fuel on Tuesday, after its finance minister said over the weekend that tax moves on fuel and tobacco would not affect the government’s inflation goal.

The special consumption tax per litre for fuel has been increased by around 6%, according to a presidential decree in the Official Gazette, which publishes new legislation and official announcements.

The special consumption tax on fuel is adjusted every six months based on the producer price index. With the 5-month cumulative PPI since the last increase standing at 7.12%, the latest tax hike is below the index.

Authorities will announce an update on the PPI on Jan. 3, when it is widely expected to increase.

Fuel taxes typically have a major impact on inflation.

© Reuters. People stroll through the historic Grand Bazaar, a popular tourist attraction and one of the country's most important economic venues, in Istanbul, Turkey, October 22, 2024. REUTERS/Murad Sezer

But Finance Minister Mehmet Simsek said on Sunday that tax hikes for fuel and tobacco in the New Year will be set in a way that does not affect the country’s 2025 inflation outlook.

Turkish annual inflation stood at 47.1% in November, higher than expected but at its lowest level since mid-2023. A Reuters poll forecast that it will ease to 26.5% by end-2025, but higher than a central bank prediction of 21%.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,899.48 0.07%
ethereum
Ethereum (ETH) $ 1,909.28 0.83%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.35 2.41%
bnb
BNB (BNB) $ 602.42 0.94%
solana
Solana (SOL) $ 133.44 0.03%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.727584 1.70%
dogecoin
Dogecoin (DOGE) $ 0.172059 1.16%
tron
TRON (TRX) $ 0.217722 1.45%
staked-ether
Lido Staked Ether (STETH) $ 1,907.10 0.83%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,791.45 0.08%
pi-network
Pi Network (PI) $ 1.49 3.09%
leo-token
LEO Token (LEO) $ 9.74 1.79%
chainlink
Chainlink (LINK) $ 13.98 0.40%
the-open-network
Toncoin (TON) $ 3.41 16.48%
stellar
Stellar (XLM) $ 0.27019 1.27%
usds
USDS (USDS) $ 1.00 0.00%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,285.43 0.96%
hedera-hashgraph
Hedera (HBAR) $ 0.189155 2.09%
avalanche-2
Avalanche (AVAX) $ 19.07 2.92%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.25%
sui
Sui (SUI) $ 2.31 1.65%
litecoin
Litecoin (LTC) $ 91.33 2.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 333.92 4.23%
mantra-dao
MANTRA (OM) $ 6.62 1.34%
polkadot
Polkadot (DOT) $ 4.27 0.82%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
bitget-token
Bitget Token (BGB) $ 4.48 1.88%
weth
WETH (WETH) $ 1,910.80 0.70%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999411 0.10%
hyperliquid
Hyperliquid (HYPE) $ 13.56 5.68%
whitebit
WhiteBIT Coin (WBT) $ 28.81 1.28%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,031.89 0.43%
monero
Monero (XMR) $ 213.18 0.69%
uniswap
Uniswap (UNI) $ 6.19 1.07%
susds
sUSDS (SUSDS) $ 1.04 0.00%
dai
Dai (DAI) $ 0.999785 0.01%
aptos
Aptos (APT) $ 5.26 1.65%
near
NEAR Protocol (NEAR) $ 2.62 0.73%
pepe
Pepe (PEPE) $ 0.000007 1.11%
okb
OKB (OKB) $ 46.36 1.05%
internet-computer
Internet Computer (ICP) $ 5.74 0.51%
ondo-finance
Ondo (ONDO) $ 0.856273 1.22%
ethereum-classic
Ethereum Classic (ETC) $ 17.71 1.28%
mantle
Mantle (MNT) $ 0.791912 7.67%
gatechain-token
Gate (GT) $ 21.57 0.99%
aave
Aave (AAVE) $ 171.06 1.68%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,891.48 0.08%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.93 6.70%