Chamber of commerce reports Istanbul inflation rate as 73 percent in November

The Istanbul Chamber of Commerce has announced that prices in the megacity increased by 3.79 percent in November compared to the previous month while the annual inflation was 73.89 percent.

Friday December 01 2023 04:46 pm

Duvar English

The Istanbul Chamber of Commerce (ITO) has published the retail and wholesale price indices for November for the megacity.

According to its calculations, retail prices jumped 3.79 percent month on month in November for an annual rise of 73.89 percent.

Wholesale prices in the megacity jumped 2.94 percent from October for an annual rise of 65.01 percent, the ITO said.

Accordingly, the biggest monthly rise in retail prices was in the culture, education, and entertainment sector with 5.53 percent, followed by housing expenditures with 4.95 percent.

The biggest monthly rise in wholesale prices was in construction materials with 14.39 percent.

The government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 61.36 percent in October, whereas the independent inflation group ENAG put the figure at 126.18 percent.

TÜİK and ENAG will release the inflation data for November on Dec. 4.