Inflation soars in Istanbul, hitting nearly 64% annually
According to a new report by the Istanbul Chamber of Commerce (ITO), inflation climbed to double digits monthly in July. The Istanbul Wage Earners Livelihood Index, a key indicator of retail price movements in the city, increased by 9.84% month-on-month. This was the fastest monthly increase since an 11.36% rise in April 2022.
Istanbul's annual inflation rate rose to 63.76% in July from 55.19% in June.
Prices for health, household goods, education, entertainment, transport, communication, housing, and food rose significantly compared to June. The most significant monthly increases were in health and personal care at 17.35%, household goods at 16.02%, and culture, education, and entertainment at 14.66%.
On the wholesale side, mining materials, fuel and energy, textiles, food, raw materials, chemicals, and building materials all saw price increases of 2-11% in July compared to the previous month.
The new data highlights the ongoing struggle with rising prices that residents and businesses face in Istanbul and across Turkey. With inflation at its highest level in decades, analysts warn that increasing prices will continue to pose economic challenges in the coming months.