Retail prices in Istanbul rises 11 percent

Retail prices in Istanbul rises 11 percent

Retail prices in Istanbul rises 11 percent

Retail prices in Istanbul increased by 11.4 percent in April from March, the Istanbul Chamber of Commerce (İTO) has said.
That came on top of the 6.29 percent rise in the retail prices in the country’s largest city in April.

Food prices rose by 11.5 percent for an annual increase of 84.4 percent, while the increase in housing expenses was 10 percent, the İTO said.

Clothing prices and transport and communication costs increased by 29.8 percent and 24 percent on an annual basis.

The annual increase in retail prices advanced from 63.25 percent in March to 79.97 percent in April.

According to the İTO data, wholesale prices in Istanbul, which increased by 7.65 percent in March, rose by 5.3 percent in April. The annual increase in the wholesale prices quickened from 65.6 percent to 73.21 percent.

The Turkish Statistical Institute, (TÜİK) will release the nationwide inflation data for April on May 5.

In March, consumer prices rose by 5.46 percent on a monthly basis and the annual inflation rate increased from 54.4 percent in February to 61.1 percent in March.

Last week, the Central Bank lifted its end-2022 inflaiton forecast from a previous 23.2 percent to 42.8 percent. It also revised upwards its inflation forecast for 2023 from 8.2 percent to 12.9 percent.

Turkey, economy,