IstanbulBusiness

ITO Reports Significant Inflation Rise in Istanbul for June

Retail and Wholesale Prices See Notable Increases as Living Costs Escalate

Istanbul, Turkiye – The Istanbul Chamber of Commerce (ITO) has revealed a significant increase in the city’s inflation rates for June 2024. According to ITO’s data, the Istanbul Cost of Living Index, which tracks retail price movements, rose by 3.42% compared to the previous month. Meanwhile, the Wholesale Goods Price Index saw an even steeper climb, increasing by 3.85%.

Over the past year, the Cost of Living Index, based on 1995 figures, recorded an annual inflation rate of 82.14% in June 2024, while the Wholesale Goods Price Index experienced a 60.49% rise.

In June 2024, notable increases in retail prices were observed across various expenditure categories. Housing costs surged by 8.01%, transportation and communication expenses went up by 4.06%, and food prices rose by 2.66%. Additionally, the costs associated with culture, education, and entertainment increased by 2.50%, clothing by 2.41%, household goods by 1.50%, and health and personal care by 0.54%.

Wholesale price changes were also significant. Chemical materials saw a sharp increase of 14.63%, textiles rose by 8.05%, and raw materials climbed by 7.37%. The prices of fuel and energy materials increased by 3.74%, construction materials by 3.06%, and food products by 1.84%. In contrast, the mining sector experienced a slight decrease, with prices falling by 1.38%.

The ITO’s announcement underscores the rising cost of living and doing business in Istanbul, reflecting broader economic trends and inflationary pressures impacting Turkiye’s largest city.

Source: Dunya.com / Prepared by Irem Yildiz

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