Retail prices rise 5.8 percent in Istanbul

ISTANBUL

Retail prices in Istanbul increased by 5.84 percent in May from April, the Istanbul Chamber of Commerce (İTO) said yesterday.

On an annual basis, retail prices exhibited an increase of 87.35 percent.

The rate of increase in retail prices on a monthly basis in the country’s largest city, however, eased. In April, retail prices in Istanbul soared 11.36 percent from March.

Food prices rose by 4.97 percent for an annual increase of 84.4 percent last month, with bread and grain prices increasing 5 percent month-on-month and 90.1 percent year-on-year.

The increase in housing expenses was 7.22 percent, bringing the annual rise to 97 percent, İTO said.

The cost of eating out rose by 18.5 percent in May from April for an increase of 77 percent year-on-year.

Clothing prices were up 6.9 percent month-on-month and 48.9 percent from a year ago.

Transport costs in the city were 3.8 percent higher in May than they were in April.

According to the İTO data, wholesale prices in Istanbul, which increased by 5.33 percent month-on-month in April, advanced 5.76 percent last month.

The annual increase in wholesale prices quickened from 73.21 percent to 79.12 percent.

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

Consumer prices in the country increased by 7.25 percent in April, while the annual inflation rate accelerated from 61.1 percent in March to 69.97 percent in April.