Cost of living in Istanbul continues to soar: $2,343 needed to survive

The cost of living in Istanbul for a family of four increased to ₺85,450 ($2,343) in February, the Istanbul Planning Agency (IPA) reported Tuesday.

According to the IPA report, the cost of living in the city rose by 54.47% compared to the same month last year.

On a monthly basis, living expenses increased by ₺2,573, marking a 3.10% rise from January.

This amount is nearly four times the minimum wage of ₺22,104.

Cost of living in Istanbul rises as city inflation outpaces national rate

Price hikes were recorded in essential goods, with tomatoes increasing by 4.43%, women’s sweaters by 6.68%, and kashar cheese by 5.33% on a monthly basis.

The most notable annual price increases were observed in oral and dental care products (76.48%), toilet paper (95.01%), and biscuits (86.05%).

Istanbul’s Consumer Price Index (CPI) continued to exceed Türkiye’s annual inflation, which fell to 39.05% in February despite a monthly increase of 2.97%.

According to the Istanbul Chamber of Commerce (ICOC), the city’s annual inflation rate stood at 45.35% in February, while monthly inflation was recorded at 3.19%.

Wholesale prices increased by 2.33% over the same period.

Despite the slowdown in annual inflation, price increases continue to be significant in key sectors such as food, housing, and transportation.