Retail prices rise 2.3 percent in Istanbul

Retail prices rise 2.3 percent in Istanbul

Retail prices rise 2.3 percent in Istanbul

Retail prices in Istanbul increased by 2.3 percent in August from July, the Istanbul Chamber of Commerce (İTO) said yesterday.

Retail prices in the country’s largest city rose by 99.1 percent last month from a year ago and by 64.9 percent from the end-2021.

However, the rate of increase in retail prices on a monthly eased. In July, retail prices in Istanbul rose by 4.09 percent from June, when the monthly increase was 4.03 percent

Food costs, which increased by 4.8 percent in July, rose by 2.7 percent in August for an annual increase of 107.3 percent last month.

The 8.3 percent monthly rise in bread and grain prices brought the annual increase for those items to 119 percent.

The month-on-month increase in housing expenses eased from 2.15 percent in July to 0.82 percent last month and the annual rise also slowed from 98.5 percent to 97.9 percent.

The cost of eating out remained unchanged from August to July but the year-on-year increase fell from 77.6 percent to 75 percent.

Clothing prices declined by 3.2 percent after rising 2.6 percent in July, which brought the annual increase to 56.7 percent.

Transport costs in the city, which fell 4.55 percent in July from the previous month, declined by another 1.2 percent in August.

Wholesale prices in Istanbul rose by 6.9 percent on a monthly basis in August, accelerating from the 3.1 percent increase in July.

The annual increase in wholesale prices quickened from 87.95 percent two months ago to 98.05 percent.

The Turkish Statistical Institute (TÜİK) will release the nationwide inflation data for August on Sept. 5.

Consumer prices increased month-on-month by 2.37 percent in July, according to the latest official data. The annual inflation rate, thus, climbed from 78.6 percent in June to 79.6 percent in July.