Most inflationary city in Europe: Consumer prices in Istanbul rise by 48.4%

Consumer prices in Istanbul, Europe’s largest city with a population exceeding 16 million, surged by 48.4% on an annual basis, according to a report by the Istanbul Chamber of Commerce (ICOC).

According to the ICOC report, the Istanbul Consumer Price Index, which reflects retail price movements, increased by 5.16% in January compared to the previous month. Meanwhile, the Wholesale Goods Price Index, which tracks wholesale price changes, rose by 2.83%.

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Consumer prices in Istanbul

In January, consumer prices recorded notable increases across several expenditure groups:

• Health expenditures increased by 18.82%, marking the highest monthly rise.
• Transportation costs went up by 10.95%.
• Restaurant and hotel prices climbed by 8.48%.
• Education expenses rose by 8.47%.
• Entertainment and cultural expenditures increased by 7.80%.
• Housing expenses saw a 7.03% rise.

Photo shows close-up image of Turkish 100 lira banknotes.

• Various goods and services recorded an increase of 6.92%.
• Household goods became 4.67% more expensive.
• Food and non-alcoholic beverage prices increased by 3.90%.
• Alcoholic beverages and tobacco prices rose by 0.81%.
• Clothing and footwear was the only category that saw a decrease, with prices falling by 1.62%.

Wholesale goods prices in Istanbul

The Wholesale Goods Price Index, which reflects wholesale price movements, recorded an annual increase of 38.15% in January compared to the same month last year. The average annual change rate stood at 51.13%.

On a monthly basis, wholesale prices showed the following changes:

• Food products increased by 5.89%.
• Unprocessed materials saw a 2.12% rise.
• Construction materials recorded a 1.38% increase.
• Fuel and energy products rose by 1.35%.
• The mining sector experienced a price decrease of 0.28%.
• Chemical products declined slightly by 0.07%.
• Textile sector prices remained unchanged.

According to the Turkish Statistical Institute (TurkStat), Türkiye's annual inflation was recorded at 44.38% in December 2024, falling nearly 20 percentage points compared to the same month of 2023.

As Türkiye's annual inflation reaches the highest level in Europe, Istanbul has played a significant role in driving price increases nationwide, as it is home to 18.49% of Türkiye's population and accounts for 31% of the country's GDP.

February 01, 2025 05:10 PM GMT+03:00