Retail prices in Istanbul up 3.8 percent in November

ISTANBUL

The monthly increase in retail prices in Istanbul quickened from 3.69 percent in October to 3.79 percent in November, the Istanbul Chamber of Commerce (İTO) has said. 

The annual inflation accelerated from 72.7 percent to 73.9 percent. Retail prices in the country’s largest city have risen 68.9 percent compared with the end of 2022. 

Food prices rose 2.5 percent last month, slowing from the 3.9 percent month-on-month increase in October. The annual food inflation in the city was 79.2 percent. 

Housing costs jumped 7.2 percent last month after increasing 1.9 percent in the previous month, bringing the year-on-year increase to 48.3 percent.

Clothing prices, which soared 16 percent in October, fell 4.7 percent, the numbers from İTO showed.

Transportation costs declined 0.25 percent, which followed the 2.1 percent decline two months ago. 

The monthly increase in wholesale prices in Istanbul eased from 3.53 percent in October to 2.94 percent in November. The year-on-year increase accelerated from 64 percent to 65 percent. 

The Turkish Statistical Institute (TÜİK) will release the nationwide inflation data for November on Dec. 4. 

A recent market participants survey conducted by the Central Bank showed that the monthly consumer price inflation is expected to come in at 4 percent in November. 

The annual inflation slowed from 61.5 percent in September to 61.36 percent in October, with consumer prices rising 3.43 percent in the month. 

The underlying trend of inflation has started to decline, and the inflation will decrease in the second half of 2024 after reaching its peak, Central Bank Governor Hafize Gaye Erkan said last week. 

“Leading indicators for November show that inflation continues to fall,” she said.