Retail prices rise 4 percent in Istanbul

ISTANBUL

Retail prices in Istanbul increased by 4.07 percent in February from the previous month, while the monthly increase in wholesale prices was 4.64 percent, according to the data from the Istanbul Chamber of Commerce (İTO).

The monthly rise in retail prices was slower than the 6.7 percent increase recorded in January.

On the back of the February reading, the year-on-year increase in retail prices climbed to 76.58 percent, accelerating from 76.17 percent in the previous month.

Retail prices in the country’s largest city have advanced 11.1 percent compared to the end of 2023.

In February, culture and education prices recorded the highest monthly increase at 6.73 percent, followed by health and personal care at 5.58 percent.

Food prices rose 4.98 percent, bringing the annual increase to 78.99 percent. Housing costs were up 4.65 percent month-on-month and 59.45 percent year-on-year.

Clothing prices and transportation costs declined by 1.5 percent and 0.23 percent from January, respectively.

The monthly increase in wholesale prices in the city eased from 4.69 percent in January to 4.64 percent last month. The annual increase in wholesale prices surged from 61.48 percent to 65.06 percent, according to the numbers from the chamber.

The Turkish Statistical Institute (TÜİK) will unveil the nationwide inflation data for February on March 3.

Economists predict a monthly inflation rate of around 4 percent.