Istanbul inflation surges to 20-year high with 55.3 percent

The Istanbul Chamber of Commerce (ITO) has reported an annual inflation rate of 55.32 percent in February in Istanbul, the highest in two decades.

Duvar English

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

According to its calculations, retail prices jumped 4.4% month on month in February for an annual rise of 55.32%, the highest level in 20 years. 

Wholesale prices in the city jumped 3.38% from January for an annual rise of 58.39%, ITO said.

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

The government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 48.69 percent in January, the highest in two decades, whereas the independent inflation group ENAG put the figure at 114.87 percent.

TÜİK will report the February inflation figures on March 3.

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Topics Turkey Economy Inflation Turkish economy Turkish inflation