Retail prices in Istanbul increase 3.96 percent

ISTANBUL

The pace of monthly increase in retail prices in Istanbul slowed from 6.06 percent in September to 3.96 percent in October, the Istanbul Chamber of Commerce (İTO) said yesterday.

The annual increase in retail prices in the country’s largest city, accelerated from 107.4 percent to 108.8 percent last month.
Food costs rose by 5.54 percent in October from September, while clothing prices exhibited a monthly rise of 7.98 percent.
Housing expenses increased by 0.31 percent month-on-month, transport and communication prices were up 0.23 percent from September.

The monthly increase in wholesale prices in Istanbul accelerated from 2.94 percent in September to 5.89 percent, which brought the annual increase from 98.17 percent to 104.2 percent.

The Turkish Statistical Institute (TÜİK) will tomorrow announce the nationwide inflation data for October.
Analysts expect a monthly inflation rate between 3.6 percent and 3.7 percent, while their forecast for annual inflation ranging between 85 percent and 86 percent.

Consumer prices rose by 3.08 percent September from August, which brought the annual inflation rate from 80.2 percent to 83.46 percent.

Last week, the Central Bank lifted its end-2022 inflation forecast from a previous 60.4 percent to 65.2 percent.

The bank also increased its estimate for end-2023 from 19.2 percent to 22.3 percent but kept the forecast for 2024 unchanged at 8.8 percent.

The forecasts indicate that the underlying inflation will gradually decline in 2023 and onwards in a framework where monetary policy is determined in line with the objective of achieving price stability on a sustainable basis, said Central Bank Governor Şahap Kavcıoğlu, speaking at the launch of the bank’s new inflation report, which included the latest estimates.
Food prices will decline towards the year-end and complete 2022 at 75 percent, and 2023 at 22 percent, according to the governor.