Istanbul’s 2023 inflation 74.88 percent, chamber of commerce reports

Istanbul Chamber of Commerce (İTO) on Jan. 1 reported that the province ended 2023 with a 74.88 percent inflation. The chamber announced that prices rose by 3.52 percent in December.

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Istanbul Chamber of Commerce (İTO) reported the annual inflation rate in Istanbul as 74.88 percent for retail prices, according to its price indices report for December 2023.

Overall annual wholesale price inflation in the province was  62.77 percent.

According to the Chamber Bulletin, retail prices rose by 3.52 percent in December, and wholesale prices rose by 2.31 percent.

The highest retail price increase was in health and personal products with a 5.15 percent increase, followed by culture, education, and entertainment spending with 5.10 percent. 

The increase in the minimum wage was around 34 percent in 2023, as the Turkish government increased it to 11,400 liras ($387) in June from 8,506 liras ($220). 

The minimum wage increased to 17,002 Turkish lira ($578) as of Jan. 1, 2024. Opposition parties warned it would erode before mid-year and fall below the hunger threshold due to severe inflation.