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Istanbul’s consumer prices increased by 3% in March compared to the previous month, while annual inflation eased slightly to 37.7%, according to data released by the Istanbul Chamber of Commerce (ICOC) on Wednesday.
In the previous month, prices had risen by 3.9% month-on-month and 37.9% year-over-year. Since the beginning of the year, cumulative price growth in the city reached 11.8%, the data showed.
Wholesale prices, a gauge of producer inflation in the city, rose by 1.5% month-on-month and stood at 18.9% annually.
Transport recorded the highest monthly increase in March at 5.1%, followed by health at 4.7% and alcoholic beverages and tobacco at 4.6%. Other categories post more moderate increases, including household goods, communication, food, and recreation, all at 2.9%. Housing increased by 2.2%, while smaller gains were seen in services such as restaurants, clothing, and education.
Higher fuel prices linked to tensions in the Middle East, which nearly halted shipping through the Strait of Hormuz, drove transport costs, with knock-on effects across related goods and services. Seasonal factors supported food price increases, while public-sector adjustments influenced healthcare costs, the chamber said.
On the wholesale side, food prices rose the most on a monthly basis at 3.7%, followed by fuel and energy (2.8%) and construction materials (1.9%). Chemical materials declined by 6.9%, while other categories showed limited movement.
Annually, construction materials led wholesale inflation at 34.6%, followed by food (26.8%) and minerals (24.5%), with other categories posting lower but still notable increases.
The data comes ahead of the nationwide inflation figures released by the Turkish Statistical Institute (TurkStat) on Friday, April 3, which is expected to reflect the impact of the Iran conflict alongside rising energy and fertilizer costs.
Market expectations point to monthly inflation of 2.2%–2.5%, which would push annual inflation to around 34%.
In February, adverse weather conditions disrupted supply and drove volatility in food prices, particularly in fresh fruits and vegetables, with food inflation exceeding 6%. Overall, monthly inflation stood at 3%, while the annual rate was 31.5%.
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