Istanbul's annual inflation hits 82.2 pct, chamber of commerce reports

The Istanbul Chamber of Commerce has announced that prices in the megacity increased by 3.59 percent in May compared to the previous month while the annual inflation was 82.2 percent.

Duvar English

According to the Istanbul Chamber of Commerce (ITO), the megacity saw a 3.59 percent increase in the Istanbul Wage Earners Livelihood Index, an indicator of retail price movements, in May compared to the previous month. 

This figure was 82.2 percent compared to the previous year.

Wholesale prices in the megacity jumped 2.59 percent from April for an annual rise of 61.21 percent, the ITO said.

Accordingly, the biggest monthly rise in retail prices was in the culture, education, and entertainment sectors with 7..86 percent, followed by housing expenditures with 7.07 percent and clothing expenditures with 6.76 percent.

The biggest monthly rise in wholesale prices was in raw materials with 8.31 percent.

The government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 69.8 percent in April, whereas the independent inflation group ENAG put the figure at 124.35 percent.

TÜİK and ENAG will release the inflation data for May on June 3.

Last month, Turkey's Central Bank raised its year-end inflation forecast by two points to 38 percent.