Annual growth in agriculture input costs slows

ANKARA

The downward trend in the annual increase in the costs in the agriculture sector continued in June, data from the Turkish Statistical Institute (TÜİK) have shown.

The agricultural input price index rose by 27.7 percent in June from a year ago, easing from the 33.2 percent year-on-year rise recorded in the previous month.

The annual pace of growth in the price index has been declining steadily since October 2022. The annual increase was recorded as high as 135 percent in September last year.

The data TÜİK released on Aug. 22 showed that the index, however, advanced 3.46 percent in June from the previous month, accelerating from the monthly increase of 0.26 percent registered in May.

Energy costs rose 8.9 percent month-on-month but declined 13 percent from June last year.

Veterinary expenditures were up 9.4 percent compared with May, while the cost of maintenance of materials grew 7.7 percent monthly.

The price indices for animal feed and fertilizers rose by 2 percent and 0.8 percent, respectively.

The headline input price index has risen 13.8 percent since December 2022.

The latest inflation data showed that food and non-alcoholic beverage prices rose by 7.7 percent for an annualized increase of 60.7 percent in July, when the annual inflation rate picked up from 38.2 percent in June to 47.8 percent in July.