Prices in İstanbul hit a 24-year high

Inflation in İstanbul continued to increase in July. The retail price index published by İstanbul Chamber of Commerce increased by 99.11 per cent year-over-year (yoy) in July. Thus, the annual change in this index reached the highest level since February 1998.

In İstanbul, retail prices increased by 4.09 percent and wholesale prices increased by 3.10 percent in June compared to the previous month.

In July 2022, compared to the previous month in retail prices;

• 17.31 percent increase in health and personal care expenditures,
• 7.70 per cent increase in expenditure on household goods,
• 4.83 per cent increase in food expenditures,
• 4.44 per cent increase in culture, education and entertainment expenditures,
• 2.63 per cent increase in clothing expenditures,
• 2.15 per cent increase in housing expenditure,
• 0.81 per cent increase in other expenditure,
• There was a decrease of 4.55 percent in the transport and communication expenditure group.
• In July 2022, wholesale prices compared to the previous month;
• 6.03 per cent increase in the unprocessed materials group,
• 5.99 per cent increase in the food group,
• an increase of 3.97 per cent in the construction materials group,
• a decrease of 7.51 per cent in the mines group,
• a decrease of 0.97 per cent in the fuel and energy group,
• chemical substances group decreased by 0.72 per cent.

OFFICIAL INFLATION 78.62 PER CENT

According to the June inflation data of the Turkish Statistical Institute (TurkStat), inflation was 4.95 per cent on a monthly basis and 78.62 per cent on an annual basis, and with this figure, annual consumer inflation reached the highest level in the last 24 years. According to the independent Inflation Research Group’s (ENAG) calculations, inflation was 8.31 per cent monthly and 175.55 per cent annually in June. The rate for the last 6 months was 71.44 per cent. (EVRENSEL DAILY)