Istanbul inflation below 4 percent in October, but the annual rate is still very high

According to Istanbul Chamber of Commerce (İTO) data, the retail price increase, which was at 73.18% in September, decreased to an annual rate of 72.73% in October. The monthly increase in October was reported as 3.69%. While the decrease compared to October 2022, which was at 108.47%, is noticeable, the current level is still very high.

In October 2023 in Istanbul, the Istanbul Cost of Living Index, an indicator of retail price movements, increased by 3.69% compared to the previous month, while the Wholesale Commodity Prices Index, reflecting wholesale price movements, increased by 3.53%.

The year-on-year change rate for price changes in October 2023 compared to the same month the previous year was 72.73% for the Istanbul Chamber of Commerce’s 1995-based Cost of Living Index and 64.04% for the Wholesale Commodity Prices Index.

In October 2023, compared to the previous month, the retail prices for different expenditure categories changed as follows:

  • Clothing expenses increased by 15.33%
  • Health and personal care expenses increased by 4.58%
  • Food expenses increased by 4.28%
  • Household goods expenses increased by 4.05%
  • Housing expenses increased by 1.82%
  • Other expenses increased by 0.08%
  • Culture, education, and entertainment expenses decreased by -1.38%
  • Transportation and communication expenses decreased by -2.33%

In October 2023, compared to the previous month, wholesale prices for various commodity groups changed as follows:

  • Food products increased by 5.22%
  • Textile products increased by 4.57%
  • Construction materials increased by 2.50%
  • Chemical products increased by 2.38%
  • Minerals increased by 1.95%
  • Unprocessed materials increased by 1.73%
  • Fuel and energy materials increased by 1.33%