High inflation in the Turkish city of Istanbul
Inflation has risen in the retail sector in the Turkish city of Istanbul, indicating that price pressures in Turkey are still strong, ahead of the release of national data for October, expected the day after tomorrow, Monday.
Bloomberg news agency reported: Inflation rose in the city, which is the country’s commercial capital, by 3.31% on a monthly basis last October, exceeding the previous September’s rate of 3.19%. Annual inflation in the city also rose to 40.84% compared to 40.75% in September.
The figures indicate the challenges facing the country in achieving its inflation estimates for the end of the year, which range between 25% and 29%, as factors such as drought contributed. In raising prices, which Turkish Finance Minister Mehmet Simsek indicated yesterday that achieving the goal seems “difficult” /As he put it/.
However, Simsek stressed that the government is committed to its program to reduce inflation, and that the recent deterioration in inflation expectations is “temporary.” In Istanbul, the rise in clothing and footwear prices by 17.3% contributed to the monthly increase in inflation, while food prices continued their upward trajectory with a monthly increase of 4.05%.
The Turkish Statistical Institute is scheduled to publish national inflation data for October on November 3.
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