Türkiye's spending on energy imports has risen by 60% over the past month, reaching $8 billion, driven by the escalation of the conflict between Iran, the USA, and Israel, according to the Turkish newspaper Dünya.
Oil import expenses alone exceeded $8 billion in the last month. If the military conflict in the Middle East continues, the country could spend more than $100 billion annually on energy imports, the newspaper reported.
The Central Bank of Türkiye has also warned of a rapid rise in inflation due to the oil prices increase by $10 per barrel. Under such a scenario, inflation could rise from 23.4% to 28.9% by the end of 2026.
Central Bank Governor Fatih Karahan had previously projected inflation to fall within the range of 15-21% by the end of 2026.
