Annual inflation rate in İstanbul hits two-decade high of 63 percent

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Retail prices in Turkey's largest city of İstanbul increased by 63.35 percent in March compared to the same period last year, according to Wage Workers' Living Index of the İstanbul Chamber of Commerce (İTO)

This was the highest annual inflation rate in the city since 2002. In the month before, it was 55.32 percent.

The monthly increase in prices was 6.29 percent, with prices increasing in all spending groups, showed the index.

The highest increase was in the culture, education and entertainment group. It was followed by household goods (8.99 percent), transportation and communication (8.12 percent), food (6.16 percent), housing (5.02 percent), and clothing (4.06 percent).

The wholesale price increase was 7.6 percent on a monthly basis and 65.59 percent on an annual basis.

The wholesale price increase was 21.56 percent in unprocessed materials, 6.13 percent in food, 5.98 percent in minerals, 2.55 percent in construction materials, and 1.79 percent in fuel and energy materials.

The annual increase in the prices of fuel and energy materials was 47.23 percent.

In the last month, Turkey recorded the highest inflation rate in two decades with the official inflation rate exceeding 50 percent. (HA/VK)