Istanbul’s retail prices soar, annual surge reaches 82.2%

According to data released by the Istanbul Chamber of Commerce, retail prices in Istanbul increased by 3.59% monthly and 82.2% annually in May.

In May 2024, in Istanbul, the Istanbul Cost of Living Index, which is an indicator of retail price movements, increased by 3.59% compared to the previous month, while the Wholesale Commodity Prices Index reflecting wholesale price movements increased by 2.59 percent.

The rate of change compared to May 2023 was 82.2% for the Istanbul Chamber of Commerce’s (ITO) 1995-based Cost of Living Index and 61.21% for the Wholesale Commodity Prices Index.

Price changes

In May 2024, compared to the previous month, retail prices saw the following changes:

• • Culture, education and entertainment: +7.86%
  • Housing: +7.07%
  • Clothing: +6.76%
  • Household goods: +3.48%
  • Food: +2.35%
  • Others: +1.36%
  • Health and personal care: -0.13%
  • Transportation and communication: -0.45%

In May 2024, compared to the previous month, wholesale prices experienced the following changes:

• • Unprocessed Materials: +8.31%
  • Minerals: +5.13%
  • Construction Materials: +4.28%
  • Foodstuffs: +1.41%
  • Fuels and Energy Materials: +0.09%
  • Chemicals: -7.40%

There was no change observed in the prices of textiles.