A statement issued by the Commission, Tuesday said the increases are in line with the Automatic Adjustment Formula.
The hikes for water is expected to take effect from July 1 2015 whilst that of electricity has been deferred.
The Commission said it deferred the payment for the increases in the electricity due to the ongoing load shedding programme.
It however decided to implement that of water due to the various water expansion projects in the country.
“The commission also wishes to inform consumers and all stakeholders of its intention to embark on a major tariff review exercise which will commence from the beginning of the month July to October 2015.
“It is essential that the commission embarks on a major tarrif review process as stipulated by Law PURC Act 1997 (Act 538) and in accordance with the electricity and water rate setting guidelines of the commission, especially at this moment that the country is expecting additional electricity generation for the provision of electricity,” the statement said.