İstanbul inflation rises 3.79 percent in March
Consumer prices in İstanbul rose by 3.79 percent in March compared to the previous month, according to data released by the İstanbul Chamber of Commerce (İTO). On an annual basis, inflation in the city reached 46.23 percent.
The March figures follow a 3.19 percent monthly increase in February, when the annual rate stood at 45.35 percent.
The updated figures reflect a recent change in İTO’s calculation method. Prior to February, the index diverged from the national inflation indicator released by the Turkish Statistical Institute (TurkStat). In February, İTO revised its long-running “Cost of Living Index for Wage Earners in İstanbul,” which had been in place since 1995, and reintroduced it under the name “İstanbul Consumer Price Index.” The new version aligns more closely with TurkStat’s methodology in terms of main expenditure groups and item count.
The highest monthly increase in March was recorded in the alcoholic beverages and tobacco group at 7.31 percent, followed by communication expenses at 4.50 percent and food and non-alcoholic beverages at 4.22 percent. Housing expenditures rose 3.59 percent, transportation 3.15 percent, and various goods and services 3.11 percent. Household goods increased by 1.27 percent, entertainment and culture by 0.32 percent, clothing and footwear by 0.09 percent, while health and education expenditures both rose by 0.03 percent.
Only one category, restaurants and hotels, saw a decline with a 0.06 percent decrease.
Meanwhile, the Wholesale Price Index, which tracks wholesale price movements, rose by 2.30 percent in March following a 2.33 percent increase in February. The year-on-year change in March was 33.17 percent, with a 12-month average increase of 46.12 percent.
By sector, the highest annual average increase was seen in construction materials at 92.81 percent, followed by textiles at 71.96 percent, chemicals at 47.09 percent, foodstuffs at 43.70 percent, fuel and energy at 36.08 percent, unprocessed materials at 34.44 percent, and minerals at 30.02 percent.
Commenting on the updated methodology, Prof. Dr. Ege Yazgan, rector of İstanbul Bilgi University, said, “The main trends in TurkStat and İTO data now appear to be more aligned than before. This is what we expected following the update.”
TurkStat is scheduled to release its official national inflation data on Apr 3.
