Cost of living has increased by 50 percent in İstanbul in a year

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Affiliated with the İstanbul Metropolitan Municipality (İMM), the İstanbul Planning Agency (İPA) has shared the current data on the cost of living in İstanbul, the most populous city of Turkey, on its social media account.

According to the İPA data, the cost of living has increased by 50.18 percent in İstanbul in a year. The housing rents have also increased by 71.43 percent in the same period. Several items such as food, personal care and cleaning products have also seen serious price increases.

For its study, the İPA collected prices of 321 items from 3,000 points across the city. The product weights have been taken from the cost of living research carried out by the İstanbul Statistical Office with the participation of 1,600 households in İstanbul in 2020.

The rates of increase

According to the data collected by the İPA, the rates of increase in prices have been as follows in the city:

• Sunflower oil: 137.59 percent
• Wheat flour: 109.14 percent
• Liquid Petroleum Gas (LPG): 102.72 percent
• Toilet paper: 90.75 percent
• Granulated sugar: 90.71 percent
• Chickpeas: 75.15 percent
• Bleach: 75 percent
• Eggs: 40.21 percent
• Minced meat: 38.58 percent
• Gasoline: 37.25 percent
• Bread: 35.14 percent

Unstoppable increase in inflation

Established by a group of academics and announcing alternative inflation rates in Turkey, the Inflation Research Group (ENAG) estimated that Turkey's monthly consumer inflation rate was 9.91 percent and annual inflation rate was 58.65 percent in November 2021.

According to the ENAG, the highest monthly increase in prices was seen in the category of "recreation and culture" with 21.11 percent. The lowest monthly increase in prices was in communications (1.38 percent).

Commenting on the figures on his social media account, ENAG executive Prof. Veysel Ulusoy has said, "Policy rate has dropped, inflation has increased. Inflation is approaching uncontrollable rates."

Shortly after these rates were announced, the Turkish Statistical Institute (TurkStat), producing official statistics on Turkey, also announced that the annual inflation rate stood at 21.31 percent and the monthly inflation rate was 3.51 percent in Turkey in November 2021.

According to TurkStat, among the 415 items in the index, the average prices of 34 items decreased and the average prices of 36 items remained unchanged while the average prices of 345 items increased. (TP/SD)