Pace of increase in agricultural input prices slows

  • Fri, 1 December 2023

Pace of increase in agricultural input prices slows

The agricultural input price index increased by 2.6 percent monthly in September, slowing from the 6.9 percent rise recorded in August. Consequently, the year-on-year increase in the input prices eased from 41.3 percent to 40.97 percent, according to the data from Turkish Statistical Institute (TÜİK).

The input prices have risen 33 percent since December 2022. The index of veterinary expenses leaped nearly 107 percent, while farm building costs increased by 65 percent. Seeds prices exhibited an annual increase of more than 45 percent, while farmers’ energy and lubricant costs rose nearly 40 percent compared with September 2022. The year-on-year increase in animal feed cost was over 26 percent. Farmers paid 27 percent more for pesticides from a year ago and their machinery, equipment maintenance costs rose nearly 60 percent.

The latest inflation data showed that food prices rose by 3.2 percent in October month-on-month, which brought the annualized increase to 72 percent. Unprocessed food prices were up 4.1 percent while the year-on-year increase was 90 percent. The prices of fresh fruits and vegetables rose only 0.4 percent.

The month-on-month and year-on-year increases in processed food prices were 2.5 percent and 58.6 percent, respectively.