High price increases in Istanbul

The Istanbul Chamber of Commerce (ITO) has calculated the price index for the month of January. In January 2022, retail prices increased by 13.78 per cent month-on-month and 50.91 per cent year-on-year. Accordingly, inflation in Istanbul has reached the highest level in 19 years. The annual increase in wholesale prices in Istanbul was as high as 53.96 per cent.

Food 13.81 per cent more expensive

Spending on transport and communication increased by 26.69 per cent, health and personal care by 21.51 per cent, housing by 17.19 per cent, food by 13.81 per cent, household goods by 10.24 per cent, other spending by 6.87 per cent and cultural education and entertainment by 5.28 per cent in January. Expenditure on clothing alone fell by 0.39 per cent.

In January 2022, wholesale prices increased by 20.43 per cent in the fuel and energy materials sector, 9.82 per cent in the food sector, 7.22 per cent in the building materials sector, 2.15 per cent in the textile sector and 1.44 per cent in the mining sector. There was a 6.53 per cent decrease in prices in the unprocessed fabrics sector and a 0.04 per cent decrease in the chemicals sector.

The cost of living in Turkey has now risen to the point where more and more people are falling below the hunger line. Meanwhile, there is no end in sight to inflation.