Retail prices in Istanbul rise 3.9 percent in September

ISTANBUL

The pace of monthly growth in retail prices in Istanbul accelerated from 1.73 percent in August to 3.9 percent in September, according to the Istanbul Chamber of Commerce (İTO) on Oct. 1.

The annual increase in retail prices in Türkiye’s largest city was 59.18 percent, slowing from August’s 61.57 percent.

Retail prices have risen 42.9 percent compared with the end of 2023.

Food prices advanced 2.63 percent month-on-month for an annualized increase of 55.44 percent.

The cost of eating out surged 7.8 percent in September compared with the previous month, while the year-on-year increase was 66.5 percent.

Housing prices rose 4.2 percent month-on-month and 41.5 percent year-on-year, İTO said.

Transport and communication costs, however, declined by 0.35 percent monthly, but culture and entertainment prices leaped 13.2 percent.

Clothing prices were up 6.7 percent, which brought the annual increase to 62.9 percent.

The Turkish Statistical Institute (TÜİK) will unveil the nationwide consumer price inflation data for September on Oct. 3, which is expected to show a further decline in the annual inflation.

Türkiye’s annual inflation is forecast to drop to 48.1 percent in September from 51.97 percent in August, according to a state-run Anadolu Agency poll of economists.

Economists’ inflation expectation is at 43.23 percent for the end of 2024.