According to the data, inflation in July reached double digits on a monthly basis, indicating a severe economic challenge for both residents and businesses in Istanbul and beyond.

The key indicator of retail price movements, the Istanbul Wage Earners Livelihood Index, witnessed a staggering month-on-month increase of 9.84%—the fastest rise since April 2022, when it recorded an 11.36% surge. As a result, the annual inflation rate for the city surged to a record 63.76% in July, significantly surpassing the 55.19% rate observed just a month earlier in June.

Among the major contributors to this soaring inflation were notable price hikes in health, household goods, education, entertainment, transport, communication, housing, and food. These essential commodities experienced substantial monthly increases, with health and personal care witnessing a significant 17.35% surge, household goods rising by 16.02%, and culture, education, and entertainment expenses increasing by 14.66% compared to the previous month.

On the wholesale front, the situation remained no less dire, as crucial sectors such as mining materials, fuel and energy, textiles, food, raw materials, chemicals, and building materials all observed price hikes ranging from 2% to 11% in July when compared to June.

As inflation continues to reach unprecedented levels, both residents and businesses in Istanbul are grappling with the impact of rising prices on their daily lives and operations. Economists and analysts warn that this surge in inflation is likely to persist, presenting ongoing economic challenges in the coming months. With inflation at its highest level in decades, the urgency to address and mitigate the effects of these price increases remains a top priority for Turkish authorities and policymakers. (ILKHA)