Turkish people were dismayed by a series of major price hikes for electricity and gas at the start of the year, prompting critics and members of the opposition to share their outrage on social media.

The higher prices, also for petrol, bridge tolls and car insurance, were announced shortly before midnight.

Electricity prices for households rose by 50 per cent and by as much as 125 per cent for commercial use for 2022, the Energy Market Regulatory Authority (EPDK) said, citing higher global energy prices.

The price of natural gas rose by 25 per cent for homes and 50 per cent for industrial use in January, according to an announcement by national distributor BOTAS.

Turkish consumers have already been struggling with falling purchasing power as inflation has risen by more than 21 per cent and the value of the lira currency has fallen, after a series of unorthodox interest rate cuts.

In the largest city of Istanbul, retail prices jumped nearly 35 per cent year on year in December, the highest level in recent years, the Istanbul Chamber of Commerce (ITO) said on Saturday.

The latest price increases are expected to drive inflation much higher.

The lira trades around 45 per cent lower versus the dollar compared to a year ago.

"Erdogan ... you shove colossal hikes down people's throats as they enter the new year," main opposition Republican People's Party (CHP) leader Kemal Kilicdaroglu said in a tweet.

Former central bank governor and opposition IYI party lawmaker Durmus Yilmaz accused the government of condemning citizens to "deep poverty" on Twitter and warned of "major social problems."

Many families are already unable to pay their bills and have had their power cut, Istanbul-based Deep Poverty Network head Hacer Foggo wrote on Twitter.

President Recep Tayyip Erdogan's government made no statement but in the past has clamped down on those critical of its economic policies, frequently accusing them of treason and taking legal action against them.

Police used force against peaceful demonstrators in major cities, including Istanbul and Ankara, protesting about the high cost of living last month.

Three YouTubers were recently put under house arrest for comments made during interviews about the dire state of economy. Meanwhile several people, including former central bank governors, face criminal complaints over their criticism of the government's response to the currency crisis.

dpa