Living costs in Istanbul equals nearly four minimum wages

Duvar English

The average cost of living for a family of four in Istanbul reached 63,524 Turkish liras ($1,952), according to the Istanbul Planning Agency (İPA) affiliated with Istanbul Metropolitan Municipality.

This was equivalent to 3.7 minimum wages (17,002 liras).

The average cost of living increased by 2,000 liras compared to last month. 

Compared to June of the previous year, the annual rate of increase in the cost of living was 79.55 percent in the megacity. In June 2023, the same amount was 35,380 liras (approximately $1,394 based on the exchange rate at that time).

The government-run Turkish Statistical Institute reported six-month inflation at 24.7 percent and annual inflation at 71.6 percent in June nationwide. 

According to the Istanbul Chamber of Commerce (İTO), retail prices in the city rose by 3.42 percent and wholesale prices by 3.85 percent in June.

On an annual basis, retail prices increased by 82.14 percent and wholesale prices by 60.49 percent. In May, annual inflation in Istanbul reached 82.20 percent, the highest level since December 2022.

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