Retail prices in Istanbul rose by 3.42 percent in June, well above the CBRT’s target path

The rate of change compared to the same month of the previous year, which shows the price changes in June 2024, was realized as 82.14% in Istanbul Chamber of Commerce’s (ITO) 1995-based Wage Earners’ Livelihood Index and 60.49% in the Wholesale Price Index.

ITO announced that in May 2024, the Istanbul Wage Earners’ Livelihood Index, which is an indicator of retail price movements, increased by 3.59 percent compared to the previous month, while the Wholesale Price Index, which reflects wholesale price movements, increased by 2.59 percent. In May, the annual Istanbul Chamber of Commerce’s (ITO) 1995-based Wage Earners’ Livelihood Index was 82.20 percent and the Wholesale Price Index was 61.21 percent.

The official June inflation will be announced on July 3rd at 10:00AM Turkey time.

The statement said:

“In June 2024, compared to the previous month in retail prices; Housing Expenditures increased by 8.01 percent, Transportation and Communication Expenditures increased by 4.06 percent, Food Expenditures increased by 2.66 percent, Culture, Education and Entertainment Expenditures increased by 2.50 percent, Clothing Expenditures increased by 2.41 percent, Household Goods Expenditures increased by 1.50 percent, Health and Personal Care Expenditures increased by 0.54 percent; An increase was observed in the Other Expenditure group.

In June 2024, compared to the previous month, wholesale prices increased by 14.63 percent in the Chemicals group, 8.05 percent in the Textile group, 7.37 percent in the Unprocessed Materials group, 3.74 percent in the Fuel and Energy Materials group, 3.06 percent in the Construction Materials group, 1.84 percent in the Food Materials group; A decrease of -1.38 percent was observed in the Minerals group.