Istanbul retails prices rise 0.75 percent in March

ISTANBUL

Retail prices in Istanbul increased by 0.75 on a monthly basis while wholesale prices rose by 0.71 percent in March from February, data from the Istanbul Chamber of Commerce (İTO) showed on April 1.

The annual increase in retail prices was 17.74 percent, the chamber said, adding that wholesale prices in Istanbul, the country’s largest city, jumped 23.36 percent in March from a year ago.

Data showed that clothing prices were up 2.84 percent on a monthly basis whereas communication and transport prices in the city increased 1.15 percent.

In March, food prices rose by 0.92 percent and housing costs increased 0.47 percent compared to the previous month.

The Turkish Statistics Institute (TÜİK) will release the consumer price index for March on April 3.

Consumer prices in Turkey are expected to rise 19.43 percent year-on-year in March, according to an Anadolu Agency survey.

Turkey’s annual inflation in February was 19.67 percent.

In February, consumer prices in Turkey surged 0.16 percent on a monthly basis.

Under Turkey’s new economic program announced last September, the country’s inflation rate target is 15.9 percent this year, 9.8 percent next year, and 6.0 percent in 2021.