Annual inflation in Istanbul skyrockets to 74.2% in August

Annual inflation in Istanbul skyrockets to 74.2% in August
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Istanbul experienced an 8.8% monthly inflation in August 2023, with sectors like transport seeing the highest retail price.

Monthly inflation in Istanbul has surged to 8.8%, with yearly inflation reaching an alarming 74.2%, the highest level seen in the past six months, statistics released by the Istanbul Chamber of Commerce (ITO) showed on Friday.

In August, Istanbul's Wage Earner's Cost of Living Index, an indicator of retail price movements, increased by 8.80% compared to the previous month. The Wholesale Price Index, reflecting wholesale price movements, rose by 6.65%.

Compared to the previous year, the year-on-year change rate in August 2023 showed the ITO's 1995 base Wage Earner's Cost of Living Index rising by 74.17% and the Wholesale Price Index by 66.18%.

The August 2023 data showed that on a retail level, compared to the previous month, there were significant price hikes in several sectors. Notably, Transport and Communication Expenditures saw the sharpest increase at 32.29%. This was followed by Food Expenditures at 9.77%, Household Goods at 8.94%, Miscellaneous Expenditures at 7.53%, Housing Expenditures at 6.50%, Culture, Education, and Entertainment at 4.11%, Health and Personal Care at 1.87%, and Clothing Expenditures at 0.33%.

Regarding wholesale prices in August 2023, the Textile Group saw a hike of 12.35% over the previous month, followed by the Minerals Group at 9.44%, Fuel and Energy Materials Group at 8.28%, Food Materials Group at 8.23%, Chemical Materials Group at 4.25%, Unprocessed Materials Group at 3.65%, and Construction Materials Group at 2.77%. The Turkish Statistical Institute (TUIK) is slated to release its inflation data for August on Monday, 4th September.