Economy in Turkey: Annual inflation in Istanbul reaches 55 percent

Inflation in Istanbul was measured as 3.46 percent per month and 55.19 percent per year. According to the Istanbul Chamber of Commerce’s (ITO) data, the Istanbul Wage Earners’ Livelihood Index, an indicator of retail price movements in the city, increased by 3.46 percent in June compared to the previous month, and the Wholesale Prices Index, reflecting wholesale price movements, increased by 4.32 percent.

When the data are examined on an annual basis, the increase was recorded as 55.19 percent in retail and 64.27 percent in wholesale prices.

NO LONGER AN INDICATOR

Under normal circumstances, the ITO indices, which are considered indicators for the consumer prices index announced by TURKSTAT every month, have been tracking differently for some time.

The CPI announced by TURKSTAT had fallen due to the base effect after rising to a 24-year peak of 85.51 percent in October. In February, it recorded a limited decrease from 57.7 percent to 55.18 percent due to the decreasing base effect. April March inflation was 50.51 percent, and in April it was 43.68 percent.

According to ITO, annual inflation in Istanbul was 92.7 percent in 2022. Inflation had also reached triple-digit levels during the year. The index fell to 79.68 percent in January, 78.62 percent in February, 73.02 percent in March and 62.46 percent in April.