The cost of living in Turkey's most populous city of Istanbul for a family of four increased by 49.09% in May compared to the same month in 2024.
This is according to the results of a recent study cited by "Sabah".
The study conducted by the Istanbul Planning Agency (IPA) estimates that the cost of living in Istanbul for a family of four in May was 91,722 TL (2,344 USD), which is more than four times the minimum wage of 22,104 TL (563 USD).
In May 2024 the cost of living in Istanbul stands at 61,523 TL.
The monthly increase in the cost of living in the city was 1.88% in April, when it was 90,032 TL.
The cost of living in Istanbul exceeded the poverty line of 81,733 TL (2,088 USD) calculated by the Confederation of Turkish Trade Unions (Türk-İş) last month.
The poverty line refers to the total amount a family of four needs to live without feeling deprived of food and the money needed to pay other expenses such as rent and utilities.
Turkey is suffering from its worst inflation during President Recep Tayyip Erdogan's two-decade rule. The official annual inflation rate peaked at 85% in October 2022.
According to data announced by the Turkish Statistical Institute (TurkStat) on Tuesday, Turkey's annual inflation rate fell further in May to 35.4%, reaching its lowest level since November 2021.
However, the Independent Economists Group disputes the official inflation rate, estimating it at 71.2% in May.
In the past few years, Turkey has suffered from a deteriorating economy with high inflation and unemployment, as well as a poor human rights record. Erdogan has been criticized for mismanaging the economy, emptying the state treasury and establishing a one-man rule in the country.