Increase in agricultural input prices slows

ANKARA

The pace of annual increase in the agricultural input price index slowed from 40.97 percent in September to 40.1 percent in October, the data from the Turkish Statistical Institute (TÜİK) have shown.

The year-on-year increase in the index was nearly 135 percent in October last year but has eased gradually in the following months, touching 27.7 percent in June only to start to move upwards again.

The index advanced 2.06 percent in October in the previous month. This also marked slower month-on-month increases of 2.6 percent and 6.9 percent recorded in September and August, respectively.

Veterinary expenses rose 9.7 percent monthly, while energy costs in the agriculture sector increased 3 percent compared to September.

The cost of building maintenance was up 2.98 percent, TÜİK said.

The costs of animal feed and pesticides increased 0.9 percent and 1.7 percent, respectively, but fertilizers declined 0.7 percent.

The sub-index of goods and services rose by 1.95 percent month-on-month and 35.3 percent from October 2022.

The index of goods and services contributing to agricultural investment increased 2.7 percent and 77 percent, respectively.