1- Natural gas and sugar increased
In natural gas, the tariff of residential subscribers, which will be valid in April, was increased by 35 percent, the tariff of industrial subscribers by 50 percent and the tariff for electricity generation purposes by 44.30 percent. . Last week, sugar joined the caravan of those who produced a hike in food. Türkşeker increased sugar prices by 31 percent. The price of a kilo of sugar increased from 5 liras to 96 cents, from 7 liras to 80 cents.
2 – Inflation in Istanbul renewed the peak of 20 years, the market expects 61 percent inflation in March
According to the March results of the Wage Workers’ Living Index announced by the Istanbul Chamber of Commerce (ITO), retail prices in Istanbul increased by 63.25 percent in March compared to the same period of the previous year.
In the inflation survey conducted by Bloomberg HT Research Unit, the median expectation of 23 institutions was that the consumer price index would increase by 61.4 percent in March compared to the same period of the previous year.
3- VAT reduction started
With the VAT reduction decision that came into effect at the beginning of April, soap, shampoo, detergent, disinfectant, wet wipes, toilet paper, paper are among the basic needs. The VAT rate on the sale of products such as towels, tissue paper, napkins, baby and adult diapers, and sanitary pads decreased from 18 percent to 8 percent. The VAT rate is 8 percent for the part of the net area of the houses up to 150 square meters. It was determined as 18 percent for the excess part.
4- Record hike preparations in Saudis
Saudi Aramco, one of the world’s largest oil producers, will increase crude oil prices by around 5 dollars to record levels despite the pandemic measures in China. specified.
5- Minimum wage explanations
President Recep Tayyip Erdoğan’s statement “We will not make our nation victims”, which had a great impact the previous week, was followed by a new one this week. Erdogan said, “I do not find it right to tell my citizen something that we will not do or do not do. We take the next step. This is the situation. When there is an extraordinary development, we are not closed to them either. They are in constant contact with the trade unionists, especially my minister, and they are in contact. We see if there is such a thing or not,” he said.
6-Signal of recession in the USA
Two-year US Treasury bond yield, albeit for a short time, surpassed the 10-year bond yield. This situation, which is considered as a slowdown signal in the economy, happened for the first time since 2019. The US yield curve indicates that Fed rate hikes will cause a hard landing in the economy.
7- Record in Euro Zone inflation
Eurozone inflation broke a record as Russia’s invasion of Ukraine caused new problems in the global supply chain. Inflation in the Eurozone rose to an all-time high in March. It rose from 5.9 to 7.5 on an annual basis in March.