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Istanbul’s Consumer Price Index Soars 5.16% in January, Annual Inflation Hits 48.4% – Key Insights Inside!

Inflation Trends in Istanbul: January Consumer Price Index Analysis

In January, Istanbul—the largest city in Turkey—reported a consumer price index (CPI) increase of 5.16% on a monthly basis and a notable 48.4% year-over-year, as per data released by the Istanbul Chamber of Commerce. This inflation aligns with the city, which accommodates a significant portion—approximately 20%—of Turkey’s total population of 85 million residents.

The Istanbul Chamber of Commerce also highlighted a rise in wholesale prices, which increased by 2.83% monthly and 38.15% annually. Furthermore, modifications were made to the contents and weights of the commodity basket in the retail index, now referred to as the consumer price index for Istanbul, while the wholesale price index remains unchanged.

Previously, official statistics indicated that Türkiye’s annual inflation rate for consumer prices eased to 44.38% in December. The Turkish Statistical Institute reported a monthly inflation rate of 1.03%, down from 2.24% in November, with the CPI annual inflation for November recorded at 47.09%.

In a related development, the Turkish Central Bank has enacted a reduction in the interest rate on re-purchase agreements, a key benchmark for interest rates, from 47.5% to 45% in December—marking a decline of 250 basis points. This represents the second consecutive month of interest rate cuts following a prolonged period of stability lasting eight months.

This data signals ongoing shifts in Turkey’s inflationary landscape, reflecting both consumer and wholesale price pressures that will be critical for economic stakeholders to monitor in the coming months.

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