Annual inflation in Istanbul drops to 61.57 pct in August

The Istanbul Chamber of Commerce (İTO) has reported that prices in the megacity rose by 1.73 percent in August compared to the previous month, which marked the second-lowest inflation rate of the month since 2018. The annual inflation rate also decreased to 61.57 percent.

Monday September 02 2024 09:55 am

Duvar English

The Istanbul Cost of Living Index for Wage Earners increased by 1.73 percent in August compared to the previous month, according to data published by the Istanbul Chamber of Commerce (İTO).

The Wholesale Price Index, reflecting wholesale price movements, rose by 0.98 percent over the same period last year.

Compared to August of the previous year, the Cost of Living Index for Wage Earners increased by 61.57 percent, while the Wholesale Price Index rose by 46.87 percent according to İTO's 1995-based index.

In August, retail prices saw monthly increases in several categories. Housing expenses rose by 7.06 percent, culture, education, and entertainment by 2.11 percent, household goods by 1.56 percent, health and personal care by 1.26 percent, transportation and communication by 0.98 percent, and food expenses by 0.51 percent. However, clothing expenses decreased by 3.74 percent.

Prof. Dr. Hakan Kara commented on the data briefly on X, stating that the decline in annual inflation was significant, and not a result of base effects. “The 1.73 percent monthly increase is the second-lowest August inflation since the end of 2018," the expert added.