Price increases in Istanbul broke records in January.

Retail and Wholesale Prices Rise in Istanbul

As of January 2023, retail prices in Istanbul recorded an increase of 4.56%, while wholesale prices rose by 1.28%. According to data released by the Istanbul Chamber of Commerce (ITO), the Istanbul Consumer Price Index (CPI) calculated on a base of 2023=100 shows that retail prices increased by 36.15% and wholesale prices by 21.39% on an annual basis.

Significant Increases in Health and Transportation Expenditures

During January, the sharpest price increase occurred in the health expenditure group, rising by 11.94%. This was followed by transportation at 9.96%, various goods and services at 8.52%, and restaurant and hotel expenditures at 6.22%. For food and non-alcoholic beverages, an increase of 4.27% was observed, while communication saw a rise of 4.26%. On the other hand, a decrease of 2.32% was recorded in clothing and footwear expenditures.

Changes in Wholesale Commodity Prices

In January, the highest increase in wholesale commodity prices was identified in the minerals group at 6.09%. Fuel and energy materials rose by 2.67%, while foodstuffs saw an increase of 2.52%, textiles by 1.93%, and construction materials by 1.91%. However, unprocessed materials lost value by 2.60%, and chemical materials by 5.04%.

Annual Increases and Sectoral Effects

On an annual basis, construction materials increased by 41.11%, textiles by 29.73%, foodstuffs by 28.29%, minerals by 20.73%, unprocessed materials by 20.24%, fuel and energy by 19.80%, and chemical materials by 16.65%. These increases were shaped not only by the price changes observed in health, transportation, and various goods and services groups but also by the seasonal effects on food expenditures.