Newsletters
The cost of living in Istanbul for a family of four surged to ₺98,735 ($2,393) in August, marking a 43.2% increase year-over-year, the Istanbul Planning Agency (IPA) reported on Thursday.
Compared to the previous month, average living expenses rose by ₺2,136 ($51.78) or 2.2%.
Rising food, housing, transportation, and energy expenses were the main factors behind this increase.
The new amount corresponds to 4.5 times Türkiye’s minimum monthly wage of ₺22,104 ($535.83), and the rate of change continues to exceed both nationwide and Istanbul inflation levels, which stood at 32.9% and 40.9%, respectively.
According to the Confederation of Turkish Trade Unions (Turk-Is), the hunger threshold—covering only the basic food needs of a family of four—rose to ₺27,111 nationwide. The poverty line, which accounts for all essential needs, was recorded at ₺88,310.
The cost of living for a single worker also climbed to ₺34,981.
Istanbul, the largest city in Europe, is home to over 16 million Turkish citizens and more than 500,000 expatriates, according to official figures.
The metropolitan city has experienced a record surge in living costs in recent years due to persistently high inflation, placing it among the leading cities in the world in terms of price hikes, according to a report by German lender Deutsche Bank.
2 min read
2 min read
