Istanbul records highest monthly inflation in 5 months
Business and residential buildings are seen in Sisli district, in Istanbul, Türkiye, July 26, 2024. (Reuters Photo/Dilara Senkaya)
Retail prices in Istanbul increased by 3.9% in September, while the annual inflation rate reached 59.18%, according to the latest data from the Istanbul Chamber of Commerce (ITO).
Wholesale prices also saw a notable rise, increasing by 4.67% on a monthly basis.
Istanbul’s annual inflation at 59.18%
The ITO’s 1995-based Wage Earners’ Cost of Living Index, which tracks retail price movements, registered a 59.18% increase in September compared to the same month in 2023.
Meanwhile, the Wholesale Price Index (WPI), which reflects wholesale price movements, showed a 47.89% annual increase.
Retail price increases by sector
The data revealed significant changes across various sectors for September:
- Other expenses: 14.62% increase
- Culture, education and entertainment: 13.24% increase
- Clothing: 6.67% increase
- Housing: 4.18% increase
- Household goods: 3.62% increase
- Food: 2.63% increase
- Health and personal care: 0.72% increase
- Transport and communication: 0.35% decrease
| Istanbul Chamber of Commerce | Istanbul Wage Earners Living Index (1995=100) | Istanbul Wage Earners Living Index | Istanbul Wage Earners Living Index | Wholesale Price Index (1963=100) | Wholesale Price Index | Wholesale Price Index |
| September 2023 | August 2024 | September 2024 | September 2023 | August 2024 | September 2024 | |
| Compared to previous month (%) | 5,46 | 1,73 | 3,90 | 3,94 | 0,98 | 4,67 |
| Compared to previous year-end (%) | 56,96 | 37,50 | 42,87 | 49,30 | 29,60 | 35,65 |
| Compared to the same month of the previous year (%) | 73,18 | 61,57 | 59,18 | 67,79 | 46,87 | 47,89 |
Wholesale price increases by sector
In the wholesale sector, the following changes were observed in September:
- Textiles: 13.72% increase
- Unprocessed materials: 6.83% increase
- Construction materials: 5.48% increase
- Chemical products: 4.43% increase
- Food products: 2.61% increase
- Minerals: 2.60% increase
- Fuel and energy: 2.01% increase
These increases reflect continued inflationary pressures in Istanbul, affecting both retail and wholesale prices, which have led to a higher cost of living and operational expenses for businesses across the city.
