Agricultural input prices up 1.3 percent

Agricultural input prices up 1.3 percent

 The monthly increase in the agricultural input prices index slowed from 7.9 percent in June to 1.3 percent in July, data from the Turkish Statistical Institute (TÜİK) have shown. 

Input prices in the agriculture sector rose by 133.4 percent year-on-year in July, easing from 135 percent in the previous month.

The sub-index for the cost of goods and services, which increased 8.3 percent in June, advanced 0.71 percent month-month, for an annual rise of 142 percent, while the monthly increase in the index for the goods and services contributing to agricultural investments accelerated from 4.57 percent to 6.44 percent. The annual rise in those goods and services climbed from 72.3 percent to 82.2 percent.

The cost of fertilizers increased by 6.47 percent month-on-month and by 235 percent from a year ago. Animal feed costs were up 1.22 percent for an annual increase of 145 percent.

Veterinary expenses grew 2.3 percent in July from June while the increase compared with the same month of 2021 was 33.9 percent, TÜİK data showed.

The index for plant protection and pesticides increased by 3 percent on a monthly basis and rose by 105 percent year-on-year.

Non-residential farm building costs exhibited an increase of 6.2 percent in July, bringing the annual rise for this item to 112 percent.

Food and non-alcoholic beverage prices increased by 0.85 percent in August from July, according to the latest inflation data from TÜİK. The annual rise in food prices was 90.3 percent.