IPA announces: More than 4 minimum wages are needed to live in Istanbul!
According to research by the Istanbul Planning Agency, the cost of living in Istanbul has increased by 60.46 percent compared to the same month last year. Thus, the average cost of living for a family of four in Istanbul has been calculated at 73,739 liras. This figure corresponds to 4.33 times the minimum wage.
The Istanbul Planning Agency (IPA), affiliated with the Istanbul Metropolitan Municipality (IBB), has announced the results of its "Cost of Living in Istanbul - October 2024" research.
Accordingly, the cost of living in Istanbul in October 2024 increased by 3.23 percent compared to the previous month and by 60.46 percent compared to the same month last year.
MORE THAN 4 MINIMUM WAGES
In October, the average cost of living for a family of four in Istanbul increased by 2,308 liras compared to the previous month, rising to 73,739 liras.
This figure corresponds to 4.33 times the minimum wage of 17,002 TL.
BASIC CONSUMER GOODS
When looking at basic consumer goods, baby formula saw one of the most striking price increases, with a 58.92 percent rise on an annual basis. Baby formula was followed by bread and sunflower oil.
While the price of bread increased by 46.63 percent annually, the increase in sunflower oil rose by 64.61 percent.
News Source: 12punto
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