Cost of living for a family of four exceeds 53,000 liras in Istanbul

The average cost of living for a family of four in megacity Istanbul reached above 53,000 liras ($1729) in January, increasing by an average of 80.29% in the last year, the Istanbul Municipality Planning Agency (İPA) said.

Sunday February 11 2024 12:06 am

Duvar English

Opposition-run Istanbul Municipality’s Planning Agency (İPA) has revealed data showing that the cost of living in Istanbul, Turkey’s largest city, has increased by an average of 80.29% in the last year.

📢 İstanbul'da Yaşam Maliyeti - Ocak 2024

📌İstanbul'da yaşamanın maliyeti bir önceki aya göre %7,93, bir önceki yıla göre ise %80,29 artış gösterdi.

📌İstanbul'da dört kişilik bir ailenin aylık yaşam maliyeti bir ayda 3 bin 899 liraartarak 53 bin 58 lira oldu.

📌 Kuru… pic.twitter.com/KjcF4txdh0
— İstanbul Planlama Ajansı (@ipaistanbul) February 10, 2024

Accordingly, the average cost of living for a family of four in the megacity reached 53,058 liras ($1729) in January, about three times higher than the minimum wage (17,002 liras), the agency reported on Oct. 3.

According to its calculations, the inflation rate jumped 7.93% month on month in January alongside wage hikes.

One of the most striking price changes in January compared to December was seen in the child t-shirt category with an increase of 39.90%, followed by bean and pasta with increases of 11.72% and 11.51% respectively.

Turkey's official statistical authority, the Turkish Statistical Institute (TÜİK), reported the annual inflation rate as 64.86 percent in January while the independent inflation group ENAG put the figure at 129.11 percent.