Istanbul consumer prices rise 1.5 percent in May

ISTANBUL

 Consumer prices in Istanbul rose 1.53 percent month-on-month in May, easing from a 3.74 percent increase recorded in April, according to data released by the Istanbul Chamber of Commerce (İTO).

On an annual basis, inflation in Türkiye’s largest city edged slightly lower to 36.77 percent in May, from 36.83 percent the previous month.

The steepest monthly increase was observed in the restaurants and hotels category, where prices climbed 4.14 percent. This was followed by housing costs at 3 percent and recreation and culture at 2.7 percent.

Housing prices surged 46.76 percent compared with May last year.

Food and non-alcoholic beverage prices recorded a more moderate rise, advancing 0.83 percent on a monthly basis, while posting a 38.94 percent annual increase.

Transportation costs rose 0.86 percent from the previous month and were up 31.27 percent compared with a year earlier.

Official nationwide inflation figures for May will be released by the Turkish Statistical Institute (TÜİK) on June 5. According to a poll conducted by AA Finans, economists expect consumer prices to have increased by 1.65 percent on a monthly basis in May.

Based on the average of economists’ forecasts, annual inflation — which stood at 32.37 percent in April — is projected to tick up slightly to 32.53 percent in May.