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Consumer prices in Istanbul rose 4.56% in January compared to the previous month, slightly lowering the city’s annual inflation rate to 36.15%, the Istanbul Chamber of Commerce (ICOC) announced on Sunday.
The figures were released ahead of the nationwide data set to be published by the Turkish Statistical Institute (TurkStat) on Tuesday, Feb. 3, which the Central Bank of the Republic of Türkiye’s (CBRT) market participants survey had forecast at 3.76% every month and 29.3% on an annual basis.
According to the data, the sharpest monthly rise in January was recorded in the health category, which increased by 11.94%.
Transportation costs followed with a 9.96% rise, while prices for miscellaneous goods and services climbed 8.52%. Restaurant and hotel expenses rose 6.22%, home furnishings 4.40%, and food and non-alcoholic beverages 4.27%.
Alcoholic beverages and tobacco rose only 0.21% in January, due to capped tax hikes, while clothing and footwear were the only categories to see a decline, falling 2.32% over the month.
Annual inflation was strongest in the education, housing, and miscellaneous services categories, which posted increases of 52.81%, 47.47%, and 41.51%, respectively.
Wholesale prices in Istanbul, which represent producer-level costs, rose 1.28% month-on-month in January, with a year-over-year increase of 21.39%.
The largest monthly jump occurred in the mining sector, which saw a 6.09% rise. Fuel and energy materials followed with a 2.67% increase. Prices also rose in the food (2.52%), textiles (1.93%), and construction materials (1.91%) categories.
On the other hand, prices for unprocessed materials and chemicals declined by 2.60% and 5.04%, respectively.
On a 12-month moving average basis, construction materials led with a 41.11% annual increase, followed by textiles at 29.73% and food items at 28.29%.
Istanbul is Türkiye’s most populous city with around 16 million residents and accounts for nearly 30% of the country's gross domestic product (GDP). As such, price movements in the city are often viewed as an early indicator of national inflation trends.
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