Increase in Istanbul retail prices slows in November

ISTANBUL

The pace of monthly and annual increases in retail prices in Istanbul slowed last month, according to data from the city’s Chamber of Commerce (İTO).

Retail prices advanced 3.07 percent in November month-on-month, down from a monthly increase of 3.64 percent in October

The annual increase in retail prices eased from 59.1 percent to 57.99 percent.

Retail prices in Istanbul, the country’s financial and commercial capital, have risen 52.61 percent compared to the end of 2023, İTO said.

Food prices rose by 3.3 percent in November from October, which brought the annual increase to 52.6 percent.

Fresh fruit and vegetable prices surged 12.8 percent monthly, but it was slower than the 18.9 percent increase recorded in October.

The cost of eating out was up 3.3 percent in November, accelerating from the 1.35 percent rise in the previous month. Eating out was 61 percent more expensive in November compared to a year ago.

Housing costs increased by 5.25 percent month-on-month and 79 percent year-on-year, İTO data showed.

Clothing prices rose by 5.65 percent last month from October, while the annual increase in this item was 65.7 percent.

Transport costs in the mega city fell 0.8 percent monthly, following a 0.6 percent decline in October.

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

Economists surveyed by state-run Anadolu Agency forecast the monthly November inflation at 1.98 percent.

In October, consumer prices rose by 2.88 percent, while the annual inflation fell from 49.3 percent in September to 49.58 percent.