September inflation in Istanbul hits 2.11 percent: Highest increase in education

The Istanbul Chamber of Commerce (ITO) has announced the results of the Istanbul Consumer Price Index and Wholesale Price Index for September. Accordingly, the Istanbul Consumer Price Index, which is an indicator of retail price movements in the city, rose by 2.11 percent in September compared to the previous month.

During the same period, the Wholesale Price Index, which reflects wholesale price movements, increased by 1.96 percent on a monthly basis. The annual change was recorded at 33.55 percent for retail prices and 25.90 percent for wholesale prices.

According to ITO data, the annual average increase was 36.66 percent for retail prices and 23.11 percent for wholesale prices. The 2023=100 base series is used for the Istanbul Consumer Price Index, while the 1963=100 base series is used for the Wholesale Price Index.

SHARP INCREASE IN EDUCATION EXPENDITURES

In September, the highest monthly increase in consumer prices was seen in the education expenditures group at 22.59 percent. ITO stated that the start of the new academic year was effective in this increase.

Education expenditures were followed by transportation with 4.60 percent, miscellaneous goods and services with 2.96 percent, restaurants and hotels with 2.42 percent, and communication with 2.24 percent. Increases were calculated at 1.93 percent for household goods, 1.73 percent for recreation and culture, 1.69 percent for housing, 0.91 percent for clothing and footwear, and 0.14 percent for food and non-alcoholic beverages.

No price changes were observed in the alcoholic beverages and tobacco or health expenditure groups. Periodic movements and market conditions were effective in transportation, communication, miscellaneous goods and services, and restaurants and hotels, while seasonal price changes were effective in food and non-alcoholic beverages.

In wholesale prices, the highest monthly increase occurred in the fuel and energy materials group at 6.56 percent. This group was followed by minerals with 4.99 percent, construction materials with 4.89 percent, raw materials with 4.15 percent, and chemical substances with 1.31 percent.

While wholesale prices in the food products group declined by 0.68 percent, there was no change in the textiles group. The annual average increase was announced as 40.11 percent for minerals, 27.60 percent for food products, 24.79 percent for fuel and energy materials, and 23.97 percent for construction materials.