Agricultural input prices continue to slow down

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Lerato Khumalo

Agricultural input price index (Agriculture-GFE) increased by 1.39 percent on a monthly basis and 33.25 percent on an annual basis in August.

Turkish Statistical Institute (TUIK) announced Agriculture-GFE data for August.

Accordingly, the index increased by 1.39 percent in August compared to the previous month, 22.33 percent compared to December last year, 33.25 percent compared to the same month last year and 43.15 percent compared to 12-month averages.

In the main groups, compared to the previous month, there was a 0.99 percent increase in the index of goods and services used in agriculture and a 3.75 percent increase in the index of goods and services contributing to agricultural investment.

Compared to the same month last year, there was a 30.9 percent increase in the index of goods and services used in agriculture and a 48.51 percent increase in the index of goods and services that contribute to agricultural investment.

SUBGROUPS

Compared to the annual Agriculture-GFE, 4 subgroups showed lower changes and 7 subgroups showed higher changes.

The subgroups with the lowest annual increase were fertilizers and soil improvers with 9.27 percent and agricultural pesticides with 23.07 percent. On the other hand, the subgroups with the highest annual increase were calculated as veterinary expenditures with 74.09 percent and other goods and services with 67.83 percent.

Compared to the monthly Agriculture-GFE, 3 subgroups showed lower changes and 8 subgroups showed higher changes.

The only subgroup that showed a monthly decrease was energy and lubricants with 1.11 percent. The subgroups with lower monthly increases were animal feed with 0.48 percent and other goods and services with 1.27 percent. The subgroups with the highest monthly increase were determined as seeds and planting materials with 4.62 percent and materials with 4.09 percent.