Retail Prices in Istanbul Soar: Monthly Increase of 3.59%, Annual Surge of 82.20%
The Istanbul Chamber of Commerce (ITO) has released the inflation figures for Istanbul for May. According to the data, retail prices in the city rose by 3.59% month-on-month and 82.20% year-on-year. As the country awaits the Turkish Statistical Institute’s (TUIK) national inflation data, set to be released on June 3rd, ITO’s report offers a glimpse into the local economic climate.
In May 2024, Istanbul saw the following changes:
- The Istanbul Cost of Living Index, a measure of retail price movements, increased by 3.59% from the previous month.
- The Wholesale Price Index, reflecting wholesale price movements, rose by 2.59% month-on-month.
Compared to May 2023, the indices showed substantial annual increases:
- The Cost of Living Index based on 1995 data surged by 82.20%.
- The Wholesale Price Index jumped by 61.21%.
Breaking down the retail price changes for May 2024:
- Culture, Education, and Entertainment expenses increased by 7.86%.
- Housing expenses rose by 7.07%.
- Clothing expenses went up by 6.76%.
- Household goods saw a 3.48% rise.
- Food expenses increased by 2.35%.
- Other expenses climbed by 1.36%.
- Health and Personal Care expenses saw a slight decrease of 0.13%.
- Transportation and Communication expenses dropped by 0.45%.
Wholesale price changes for May 2024 revealed:
- Unprocessed Materials rose by 8.31%.
- Minerals increased by 5.13%.
- Construction Materials went up by 4.28%.
- Food Products saw a 1.41% increase.
- Fuel and Energy Products edged up by 0.09%.
- Chemical Products experienced a 7.40% decrease.
- Textiles showed no change.
In comparison, April’s data revealed a 4.89% monthly increase in retail prices and a 78.81% annual rise. ENAG, an independent research group, had reported an even higher annual inflation rate of 124.35% in April, with a monthly increase of 5.02%.
Looking ahead, the AA Finance survey, which included 15 economists, anticipates an average inflation rate of 3.04% for May, to be confirmed with the upcoming official release on June 3rd.
Source: Dunya.com / Prepared by Irem Yildiz