Istanbul's annual inflation stands at 72.8 pct in July

The Istanbul Chamber of Commerce (İTO) has reported that prices in the megacity rose by 4.21 percent in July compared to the previous month, with the annual inflation rate standing at 72.8 percent.

Thursday August 01 2024 03:53 pm

Duvar English

Istanbul saw a 4.21 percent increase in the Istanbul Wage Earners Livelihood Index, an indicator of retail price movements, in July compared to the previous month, according to the Istanbul Chamber of Commerce (İTO),

The annual increase in the index was 72.80 percent.

In June, retail prices increased by 3.42 percent monthly and 82.14 percent annually.

Wholesale prices in the megacity jumped 1.04 percent from June with an annual rise of 55.12 percent, the İTO noted.

Compared to the previous month transportation and communication expenses increased by 10.76 percent; culture, education, and entertainment by 6.72 percent, health and personal care by 6.60 percent, food by 4.44 percent, and housing by 4.23 percent. Meanwhile, clothing expenditures decreased by 2.04 percent.

Additionally, wholesale prices compared to the previous month saw an increase in the construction materials by 7.48 percent, textiles by 5.02 percent, fuel and energy materials by 2.90 percent, and food items by 1.88 percent. Meanwhile, minerals decreased by 1.94 percent and raw materials by 4.62 percent.

Istanbul Municipality reported that the average cost of living for a family of four in Istanbul in June increased by 79.5 percent in one year and reached 63,500 liras, about four times the minimum wage.