In August 2023, the Istanbul Wage Earners Cost of Living Index, an indicator of retail price movements, saw a 8.79 percent increase compared to the previous month and a 74.16 percent increase annually, the peak of the last six months.
Additionally, the Wholesale Price Index, reflecting wholesale price movements, experienced a 6.64 percent increase in the same period while it was recorded as 66.18 percent annually in the megacity, as reported by the Istanbul Chamber of Commerce (İTO).
Compared to the previous month, there was a 32.29 percent increase in transportation and communication expenditures, 9.77 percent increase in food expenditures, and 8.94 percent increase in household goods expenditures; whereas culture, education, and entertainment expenditures saw a 4.11 percent increase.
Earlier this month, the Istanbul Metropolitan Municipality’s Transportation Coordination Center (UKOME) increased public transportation fares by 51 percent.
The government-run Turkish Statistical Institute (TÜİK) on Aug. 3 reported an annual inflation rate of 47.83 percent in July, whereas the independent inflation group ENAG put the figure at 122 percent. Millions of Turks cannot make ends meet due to soaring inflation and increasing cost of living.