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İstanbul’s annual inflation rate hits 72 percent in October

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Retail prices in Turkey’s largest city and commercial hub of İstanbul were 3.69 percent month-on-month in October, for an annual rate of 72.73 percent, the Diken news website reported on Wednesday, citing data from the İstanbul Chamber of Commerce (İTO).

The İTO’s İstanbul Wage Earners Cost of Living Index was 3.69 percent month-on-month in October, with an annual rate of 72.73 percent over the same period last year.

The wholesale price index increased to 64.04 percent year-on-year in October, with a monthly increase of 3.53 percent, according the İTO statement.

The month-on-month increase in retail prices in October 2023 was 4.58 percent in health and personal care, 1.82 percent in housing, 4.28 percent in food, 4.05 in household goods, 0.08 percent in others and 1.38 percent in culture, education and entertainment, while clothing declined by 0.39 percent, according to the İTO.

Wholesale prices in İstanbul, which is home to some 16 million, rose in October by 1.33 percent in fuel and energy, 5.22 percent in food, 2.5 percent in construction materials and 4.57 percent in textiles, 1.73 percent in unfinished goods and 2.38 percent in chemical products on a month-on-month basis.

Turkey’s official annual inflation rate peaked at 85 percent last October and climbed back up above 60 percent last month.

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