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Mar 01 2019

Istanbul retail price inflation accelerates

Istanbul retail price inflation accelerated to an annual 18.3 percent in February from 18 percent the previous month.

Monthly inflation was 0.98 percent, according to a statement by the Istanbul Chamber of Commerce. Food prices rose 1.45 percent month-on-month from January and clothing prices climbed 1.27 percent, it said. Transport inflation fell 0.03 percent.

Investors in Turkey are looking for further signs that inflation is slowing following a currency crisis that peaked in August. Nationwide consumer price inflation edged up to 20.4 percent in January from 20.3 percent in December, largely due to a surge in food prices. The rate was 10.4 percent in January last year and 25.2 percent in October, a 15-year high.

Wholesale prices in Istanbul increased an annual 23 percent compared with 22.95 percent in January. They rose by 0.95 percent month-on-month, the business group said.

Nationwide inflation data for February will be published by the State Statistical Institute on Monday.