According to the February report by the Istanbul Planning Agency (IPA), the cost of living in Istanbul increased by 54.47 percent compared to the same month last year. As of February, the average cost of living for a family of four was calculated at 85 thousand 453 TL. Considering that the net minimum wage is 22 thousand 104.67 TL, this figure corresponds to nearly four times that amount.
COST OF LIVING HAS RISEN
The cost of living in Istanbul showed an increase of 3.10 percent compared to the previous month, amounting to an increase of approximately 2,573 TL. Compared to the same month last year, this rate of increase was recorded at 54.47 percent. These data reveal that life in Istanbul is becoming increasingly expensive.
REMARKABLE INCREASE IN BABY FORMULA PRICES
The study also examined price changes in basic consumer products. The price increase in baby formula products drew attention. Within one year, baby formula prices rose by 42.38 percent. This increase was among the items that particularly strained family budgets.
THE IMPACT OF THE INCREASE IN ISTANBUL
While the high increase in the cost of living makes living conditions difficult for families in Istanbul, it is believed that wage increases and social assistance remain insufficient to cope with these rising costs. A cost of living exceeding 85 thousand TL creates a serious economic burden for those who wish to continue living in Istanbul.
News Source: 12punto
