İstanbul retail inflation reaches 42.48% in July

Retail prices in İstanbul rose by 2.62% in July, bringing the annual inflation rate to 42.48%, according to data released by the İstanbul Chamber of Commerce (İTO).

The chamber’s İstanbul Consumer Price Index also showed a 23.80% increase since the beginning of the year.

Among monthly changes, the highest increase was seen in the healthcare sector at 8.08%, followed by housing at 6.39% and alcoholic beverages and tobacco at 6.27%.

Other categories included various goods and services (3.15%), communications (2.48%), household goods (2.36%), restaurants and hotels (2.10%), and food and non-alcoholic beverages (1.03%). Smaller increases were recorded in entertainment and culture (0.60%), transportation (0.50%), education (0.13%), and clothing and footwear (0.05%).

In comparison, the monthly increase in June was 1.77% for retail prices and 1.93% for wholesale prices.

Year-on-year, retail prices rose 44.38% in June, while wholesale prices increased 37.36%.

The Turkish Statistical Institute (TurkStat) is scheduled to release nationwide inflation figures on Aug 4.

The Central Bank’s Monetary Policy Committee, which cut interest rates by 300 basis points at its Jul 24 meeting, stated that the data pointed to a “temporary increase in monthly inflation.” (HA/VK)

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