Annual inflation in Istanbul hits 75 percent

ISTANBUL

Retail prices rose by 74.88 percent in December 2023 from a year ago in Istanbul, accelerating from the annual increase of 73.89 percent in the previous month, the data from the Istanbul Chamber of Commerce (İTO).

The pace of month-on-month increase in retail prices slowed from 3.79 percent in November 2023 to 3.52 percent last month.

Housing cost in the country’s most populous city increased by 2.46 percent in December from a month ago, which compared favorably with the 4.95 percent increase registered in November.

Transport and communication prices rose by 1.1 percent after declining 0.5 percent.

The food inflation ticked up from 4.82 percent in November to 4.9 percent, said İTO.

The monthly increase in clothing prices slowed from 2.48 percent to only 0.19 percent last month.

The wholesale prices in the mega city were up 2.3 percent in December from November, bringing the annual increase to 62.77 percent.

The Turkish Statistical Institute (TÜİK) will release the nationwide inflation data for December on Jan. 3.

Consumer price inflation is expected to be 3.26 percent in December, showed the Central Bank’s Survey of Market Participants.

Participants of the survey forecast the monthly inflation rate to accelerate to 4.86 percent in January.

The annual inflation rate quickened from 61.36 percent in October to 61.98 percent, TÜİK reported last month.

The government targets to reduce inflation down to 33 percent this year and bring it to single digits in 2026.