Chamber of commerce reports Istanbul inflation rate as 74 percent

News About Turkey - NAT
1 Min Read

In August 2023, the Istanbul Wage Earners Cost of Living Index, an indicator of retail price movements, saw a 8.79 percent increase compared to the previous month and a 74.16 percent increase annually, the peak of the last six months.

Additionally, the Wholesale Price Index, reflecting wholesale price movements, experienced a 6.64 percent increase in the same period while it was recorded as 66.18 percent annually in the megacity, as reported by the Istanbul Chamber of Commerce (İTO).

Compared to the previous month, there was a 32.29 percent increase in transportation and communication expenditures, 9.77 percent increase in food expenditures, and 8.94 percent increase in household goods expenditures; whereas culture, education, and entertainment expenditures saw a 4.11 percent increase.

Earlier this month, the Istanbul Metropolitan Municipality’s Transportation Coordination Center (UKOME) increased public transportation fares by 51 percent.

The government-run Turkish Statistical Institute (TÜİK) on Aug. 3 reported an annual inflation rate of 47.83 percent in July, whereas the independent inflation group ENAG put the figure at 122 percent. Millions of Turks cannot make ends meet due to soaring inflation and increasing cost of living.

Source:Duvar English

Share This Article
Founded by a small group of Turkish/Kurdish scholars who have been subjected to persecution at the hands of the Erdogan dictatorship, News About Turkey (NAT) has emerged as a platform that is both exceptional and invaluable. Our objective is to provide you with a comprehensive and sophisticated understanding of the events and developments in Turkey (Türkiye), a country with profound historical and geopolitical importance, a vibrant culture, and a strategic location. Our founders, who have been purged by the Erdogan regime after the so-called coup attempt, are aware of the significance of journalism that is both free and independent. Because of this understanding, we are committed to providing reporting and analysis that is both objective and comprehensive. To give you the most thorough coverage of Turkey, we go further than just scratching the surface. Keep in touch with us so that you can have a better understanding of Turkey's developing story as well as vital and comprehensive news items. Whether you are a resident of Turkey, a member of the Turkish/Kurdish diaspora, or simply someone who has a strong interest in this vital country, we are the most reliable source for news that not only informs but also inspires and engages you.
Leave a comment