Inflation of agricultural inputs increased 96 percent in January

The Turkish Statistical Institute (TUIK) announced the Agricultural Input Price Index (Agriculture-GFE) for January 2023.

Thus, in January 2023 the Agri-GFE is 6.24 percent compared to the previous month, 6.24 percent compared to December of the previous year, 95.99 percent compared to the same month of the previous year and 118 percent according to twelve month averages. There was an increase of .18.

An increase of 6.24% per month drew attention. Agriculture-GFE last rose 7.92 percent in June 2022; In the following months, monthly inflation remained at the level of 1-2 percent.

Compared to the previous month, the index of goods and services used in agriculture increased 5.77 percent and the index of goods and services that contribute to agricultural investment increased 9.62 percent in the main groups.

Compared with the same month of the previous year, the index of goods and services used in agriculture increased by 95.54 percent and the index of goods and services that contribute to agricultural investment increased by 99.13 percent.

HIGHEST ANNUAL INCREASE IN ANIMAL FEED

The subgroups in which the annual increase was low were machinery maintenance costs with 40.24 percent and veterinary expenses with 46.16 percent, respectively.

On the other hand, the subgroups with the highest annual increase were animal feed with 117.25 percent and seeds and planting material with 115.38 percent, respectively.

The subgroups with the lowest monthly increase were energy and oils with 1.81 percent and agricultural pesticides with 2.94 percent, respectively.

For their part, the subgroups with the highest monthly increase were other goods and services with 35.17 percent and veterinary expenses with 21.45 percent, respectively.

The only subgroup that showed a decrease compared to the previous month was that of fertilizers and soil developers with 4.86 percent.