Chamber of commerce reports Istanbul inflation rate as 93 percent

The Istanbul Chamber of Commerce (ITO) has reported an annual inflation rate of 92.97 percent in December in Istanbul.

Sunday January 01 2023 06:00 pm

Duvar Engliah

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

According to its calculations, retail prices jumped 2.94% month on month in December for an annual rise of 92.97%.

Wholesale prices in the city jumped 3.71% from November for an annual rise of 81.31%, ITO said.

These indices are used by economists as an indicator of nationwide inflation.

In November, the government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 84.39, whereas the independent inflation group ENAG put the figure at 170.70 percent.

They will report the December inflation figures on Jan. 3.