Istanbul's annual inflation hits 76.6 pct, chamber of commerce reports

Retail prices in Istanbul increased by 4.07 percent in February compared to the previous month and 76.58 percent compared to the same period of the previous year, Istanbul Chamber of Commerce (İTO) reported.

Duvar English

According to the Istanbul Chamber of Commerce (İTO) the megacity saw a 4.07 percent increase in the Istanbul Wage Earners Livelihood Index, an indicator of retail price movements, in February compared to the previous month, while it was 76.58 percent compared to the previous year.

The Wholesale Price Index, reflecting wholesale price movements, increased by 4.64 percent monthly and 65.06 percent annually.

Compared to the previous month, expenditures on culture, education, and entertainment increased by 6.73 percent, while expenditures on health and personal care rose by 5.58 percent in the megacity. Food expenditures also saw an increase of 4.98 percent. 

Housing expenditures went up by 4.65 percent, and expenditures on household goods increased by 2.54 percent. However, expenditures on clothing decreased by 1.51 percent, and there was a slight decrease of 0.23 percent in transport and communication expenditures.

Compared to the previous month, wholesale prices surged by 13.53 percent in fuel and energy materials, 11.26 percent in chemicals, and 7.55 percent in construction materials. Prices also rose by 4.61 percent in textiles, 2.80 percent in foodstuffs, 1.69 percent in unprocessed materials, and 1.27 percent in mines.