Turkey posts record-high producer inflation in agriculture

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Agricultural input price index (Agricultural-IPI) has reached the highest level since it was first recorded in 2016, according to figures released by the Turkish Statistical Institute (TurkStat). 

In July, agriculture-IPI increased by 1.98 percent compared to the previous month and 14.44 percent compared to December, the figures showed. Also, the index increased by 29.38 percent from the previous year and 19.05 percent on a 12-month average basis.

The index of goods and services contributing to agricultural investment increased by 0.68 percent and the index of goods and services used in agriculture increased by 2.2 percent in a month. On an annual basis, the indexed increased by 27.01 percent and 29.78 percent, respectively.

The highest annual increase was in fertilizer and soil improvers subgroup (62.43 percent).

The other subgroups with high price increases were farm buildings (non-residential) (48.07 percent) and maintenance of buildings (43.37 percent).

Seeds and planting stock (9.90 percent), plant protection and pesticides (12.23 percent) and materials (18.79 percent) were the subgroups with the lowest price increases.

The highest monthly increase was also in the in fertilizer and soil improvers subgroup (6.16 percent).

The other subgroups with high price increases were energy, lubricants (3.79 percent) and maintenance of buildings (3.10 percent).

Seeds and planting stock with (0.55 percent) and maintenance of materials (0.71 percent) were the subgroups with the lowest monthly price increases. (HA/VK)