Inflation Accelerates in Turkey’s Biggest City After Tax Hikes

Inflation in Turkey’s economic hub, Istanbul, soared in July as the government implemented tax increases on a wide range of goods to address its budget deficit.

The city’s retail inflation on a monthly basis accelerated about 10% last month, almost tripling the rate recorded in June, according to data published by the Istanbul Chamber of Commerce on Tuesday. That marks the highest monthly jump since April 2022.

On an annual basis, inflation accelerated to around 64% in July, up from 55% the previous month. The chamber, known by its Turkish initials ITO, attributed the acceleration to changes in tax …