The New Year traditionally marks annual increases in taxes, duty and prices in Turkey but this year the rises could be larger than normal.

Increases in road tax, duty on alcohol, cigarettes, fuel and other taxes will be levied by the government shortly.

Increases are normally limited to the official inflation rate (5.2% this year) but many commentators are expecting bigger hikes as the government tries to stem its growing financial deficit.

Big rises on the duty on cigarettes and alcohol is a given though as the government looks to reinforce its public health drive.

An increase in electricity prices also comes into effect today the 1st January with an increase of 1.32 percent for domestic customers and 1.23 percent for industrial users.

We’ll report on any increases as they become known.