Retail prices in Turkey’s biggest city, Istanbul, rose by 73.02% compared to the previous year, according to data published by the Istanbul Chamber of Commerce on Saturday.
(Bloomberg) — Retail prices in Turkey’s biggest city, Istanbul, rose by 73.02% compared to the previous year, according to data published by the Istanbul Chamber of Commerce on Saturday.
The reading was slightly down from a 78.62% rise in February. Retail inflation in the city was 2.95% on a month-on-month basis, also down from 3,83% a month earlier. Wholesale prices were up 4.96% monthly and 74.22% yearly, the chamber said.
In March, monthly food inflation in the city was almost 4% on retail and nearly 5% on wholesale.
Turkey’s national inflation data for March will be announced on April 3. Consumer prices are forecast to rise 51.25% from a year earlier, down from 55.18% in February, according to the median estimate of a Bloomberg survey with 16 economists.
Turkish inflation in February decelerated to its slowest level in a year, though state spending following deadly earthquakes and looser monetary policy are expected to pose a risk to prices.
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