Farm input inflation fell in May

In May 2023, the agricultural input price index (Agriculture-GFE) increased 0.26 percent compared to the previous month, 10.02 percent compared to December of the previous year, 33.22 percent compared to the same month of the previous year and 87.66 percent according to twelve-month averages.

In the main groups, the index of goods and services used in agriculture decreased 0.10 percent compared to the previous month, and the index of goods and services that contribute to agricultural investment increased 2.61 percent. Compared with the same month of the previous year, the index of goods and services used in agriculture increased by 29.13 percent and the index of goods and services that contribute to agricultural investment increased by 67.20 percent.

According to the Annual Agri-GFE, 3 subgroups showed lower variation and 8 subgroups showed higher variation.

The subgroups with the highest annual increase were materials with 79.85 percent and other goods and services with 76.10 percent, respectively. The only subgroup that showed a decrease compared to the same month of the previous year was that of energy and fats with 3.39 percent.

According to the monthly Agri-GFE, 2 subgroups showed lower variation and 9 subgroups showed higher variation.

The subgroups that presented a decrease compared to the previous month were energy and oils with 5.36 percent and fertilizers and soil amendments with 1.92 percent, respectively. On the other hand, the subgroups with the highest monthly increase were veterinary expenses with 5.02 percent and materials with 3.65 percent, respectively.