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The Central Bank had raised its year-end inflation forecast to 58% in July. Inflation has already exceeded this rate, having surged by 20 points in the past two months.

The price increase was nearly 10 percent in July, with the city's annual inflation rate exceeding 63 percent, according to the İstanbul Chamber of Commerce.

While the patronage in high-end venues has remained unaffected, businesses catering to lower-income groups have experienced a decline, according to a İstanbul Chamber of Commerce report.

Türkiye's largest city saw bread's price rise by 71,4 percent in one year.

Hosing expenditures increased by 6.43 percent and food expenditures increased by 3.64 percent in a month in the metropolis of 15.4 million people, finds the İstanbul Chamber of Commerce.

The annual increase in retail prices was 99.11 percent and in wholesale prices was 87.95 percent n the metropolis.

Both retail and wholesale inflation rates were over 60 percent in the metropolis in the last month, the İstanbul Chamber of Commerce has found.