Ahead of the nationwide inflation data to be released by the government-run Turkish Statistical Institute (TÜİK) on Feb. 3, the Istanbul Chamber of Commerce (ITO) has reported an annual inflation rate of 79.68 percent in January in the megacity.
The Istanbul Chamber of Commerce (ITO) has published the retail and wholesale price indices for January for the megacity.
According to its calculations, retail prices jumped 5.94% month on month in January for an annual rise of 79.68%.
Wholesale prices in the city jumped 5.53% from December for an annual rise of 80.45%, ITO said.
These indices are used by economists as an indicator of nationwide inflation.
For December, the government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 64.27, whereas the independent inflation group ENAG put the figure at 137.55%.
The TÜİK and ENAG will release the inflation data for January on Feb. 3.