Newsletters
Istanbul’s monthly retail inflation slowed to 1.19% in November, bringing the annual rate down to 38.28%, the lowest monthly and yearly increases recorded in 2025, according to data released by the Istanbul Chamber of Commerce (ICOC) on Monday.
The data shows a sharp cooldown from the previous month, when retail prices in the city rose by 3.31% on a monthly basis and 40.84% year-over-year. It also reflects the mildest price hike of the year in Türkiye’s largest city, boosting optimism ahead of the nationwide figures.
Meanwhile, wholesale prices rose by 2.14% on the month, bringing the yearly increase in wholesale inflation to 23.12%.
The monthly increase in Istanbul’s retail prices was driven primarily by higher costs in the alcoholic beverages and tobacco category, which rose by 2.59%. Housing expenses climbed by 2.3%, followed by health care (1.69%) and household goods (1.68%).
Other categories registering noticeable monthly gains included miscellaneous goods and services (1.66%), recreation and culture (1.41%), hotels and restaurants (1.37%), and food and non-alcoholic beverages (1.28%). Education prices remained flat with a marginal rise of just 0.02%.
On the other hand, clothing and footwear prices declined by 1.55% on the month, while transportation costs edged down by 0.03%. Communication prices remained unchanged.
Within the wholesale price index, the sharpest monthly increases were observed in chemical products (4.88%) and unprocessed materials (3.32%). Prices also rose in the categories of food (1.32%), fuel and energy (1.86%), construction materials (1.29%), and minerals (1.03%). The textile category saw no change during the month.
Although Istanbul’s inflation data does not cover rural areas or smaller cities, it often shapes expectations ahead of the nationwide figures published by the Turkish Statistical Institute (TurkStat), with a slowdown in monthly price growth in Istanbul potentially signaling easing pressure at the national level. TurkStat is set to release nationwide figures on Wednesday, with the Turkish market expecting a monthly increase of 1.59%, which would bring annual headline inflation down to 32%.
After an uptick in September, driven primarily by a sharp rise in food inflation due to supply shocks and adverse weather, Türkiye's inflation eased again in October, with a monthly increase of 2.55% and an annual rate slowing to 32.87%.
A better-than-expected reading would boost investor confidence in the Turkish market, as it would give the Central Bank of the Republic of Türkiye (CBRT) more room to expand the size of its anticipated rate cut at the December meeting, where policymakers are expected to lower the policy rate to 38.5%.
2 min read
2 min read
