Inflation in Istanbul ran in July at an annual rate of 99.11%, while the price increase compared to the previous month was 4.09%.
The Istanbul Chamber of Commerce announced these numbers, as reported by the BBC. The level of price growth is the highest since February 1998.
It is noted that according to the estimate of analysts at Bloomberg, inflation as a whole in the country is expected to jump to 80.1% in July from 78.6% in June. The statistics office will publish the figures for this month on August 3.
Turkey’s central bank expects inflation to end the year at 60.4%, about 12 times above the official target of 5%. The bank sees inflation slowing to 19.2% by the end of 2023 and to 8.8% in 2024.
Source: Capital
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