Input costs in agriculture rise 33 percent annually: Data

ISTANBUL

The agricultural input price index (Agricultural-IPI) increased by 32.59 percent annually in October, accelerating from the 31.8 percent rise in the previous month, data from the Turkish Statistical Institute (TÜİK) showed on Dec. 23.

The index advanced by 2.75 percent month-on-month after increasing 1.77 percent in September.

Animal feed costs were up 5.3 percent in October from the previous month, bringing the annual increase to nearly 34 percent.

Fertilizer prices rose by 3.3 percent monthly and 13.5 percent annually, while the monthly and annual increases in veterinary expenses stood at 0.9 percent and 60.1 percent, respectively.

Farmers’ energy costs were 1.5 percent higher in October compared to September, and those costs surged 16.5 percent year-on-year.

The index of pesticide costs advanced 0.96 percent month-on-month for an annualized increase of 22.4 percent.

The indices of goods and services consumed in agriculture increased by 3 percent, and goods and services contributing to agricultural investment rose by 1.1 percent in October, TÜİK said.