Consumer price inflation in Istanbul slows in March

ISTANBUL

The pace of consumer price increases in Istanbul eased in March, with the monthly rise in the consumer price index slowing to 2.97 percent from 3.85 percent in February, according to data released by the Istanbul Chamber of Commerce (İTO).

In January, consumer prices in Türkiye’s largest city had climbed 4.56 percent month-on-month.

As a result, annual inflation in Istanbul moderated to 34.68 percent in March, down from 37.88 percent in February.

Food and non-alcoholic beverage prices rose 2.89 percent on the month, bringing the year-on-year increase to 39.67 percent. Transportation costs advanced 5.14 percent monthly and 36.02 percent annually.

Housing prices increased 2.16 percent month-on-month and 44.54 percent year-on-year, while clothing prices were up 1.3 percent and 26.44 percent, İTO data showed.

Prices at hotels and restaurants rose 1.4 percent in March compared with February, translating into a 34.12 percent annual increase.

The Turkish Statistical Institute (TÜİK) will release official March inflation figures on April 3.

Economists surveyed by state-run Anadolu Agency expect Türkiye’s inflation to rise 2.4 percent month-on-month.

If that forecast holds, annual inflation — which stood at 31.53 percent in February — is projected to ease slightly to 31.46 percent in March.