Chamber of commerce announces annual inflation in Istanbul for June as 55 pct
The Istanbul Chamber of Commerce on July 1 announced that prices in Istanbul increased by 3.46 percent in June compared to the previous month while the annual inflation was 55.19 percent.
Duvar English
In June 2023, the Istanbul Wage Earners’ Livelihood Index, an indicator of retail price movements, saw a 3.46 percent increase compared to the previous month and a 55.19 percent increase annually, as reported by the Istanbul Chamber of Commerce (İTO).
Additionally, the Wholesale Price Index, reflecting wholesale price movements, experienced a 4.32 percent increase in the same period while it was recorded as 64.27 percent annually.
Compared to the previous month, there was a 6.99 percent increase in culture, education, and entertainment expenditures, transportation and communication expenditures saw a 5.11 percent increase while housing expenditures increased by 3.75 percent.
Moreover, food expenditures experienced a 3.37 percent increase, and clothing expenditures increased by 3.20 percent.
Also, wholesale prices increased by 8.36 percent in the fuel and energy materials group, 5.71 percent in the construction materials group, 3.93 percent in the food materials group, and 3.30 percent in the textile group.
While Turkey has been experiencing nationwide inflation for a long while, the rising living costs have dramatically affected more than 15 million inhabitants of the megacity.