Skyrocketing inflation affects Istanbul residents significantly, with living expenses approaching a staggering $2,400.

In a concerning development, Istanbul, Turkey's largest city with over 16 million Turkish citizens and over half a million expatriates, has seen a significant increase in living costs. According to recent reports, the cost of living for a family of four in Istanbul surged to ₺98,735 ($2,393) in August, marking a 43.2% increase year-over-year.

This escalation outpaces both the nationwide inflation level of 32.9% and Istanbul's own inflation rate of 40.9%. The high living costs in Istanbul are attributed to persistently high inflation, with rising food, housing, transportation, and energy expenses being the main factors behind this increase.

The cost of living for a single worker in Istanbul is ₺34,981, while the average monthly rent for a single worker in the city ranges from approximately 3,500 to 5,000 Turkish Lira, depending on the neighbourhood and apartment quality.

The nationwide poverty line, accounting for all essential needs, is ₺88,310, meaning that the cost of living in Istanbul now exceeds this threshold. This indicates a growing inequality in the city, as the cost of living outpaces both wages and inflation in Turkey.

The report by German lender Deutsche Bank places Istanbul among the leading cities in the world in terms of price hikes. This unfortunate trend has raised concerns about the city's affordability and its impact on the quality of life for its residents.

It's worth noting that the reasons for Turkey's inflation being "sticky" are not specified in the text. However, the persistent high inflation rates and the resulting increase in living costs are a matter of ongoing concern for both residents and policymakers in Turkey.

In comparison to the previous month, average living expenses rose by ₺2,136 ($51.78) or 2.2%. This monthly increase further compounds the financial strain on Istanbul's residents, particularly those living close to or below the poverty line.

In conclusion, the rising costs and inflation in Istanbul present a significant challenge for the city's residents and policymakers. Efforts to address these issues and improve the city's affordability are crucial for maintaining a high quality of life and ensuring the long-term economic stability of Istanbul.

Skyrocketing inflation affects Istanbul residents significantly, with living expenses approaching a staggering $2,400.