Turkey’s agricultural input price index sees a 57-percent annual increase

* Photo: Tom Fisk / Pexels ** Graph: TurkStat

Producing official statistics on Turkey, the Turkish Statistical Institute (TurkStat) has shared the "Agricultural Input Price Index" for January.

Issuing its monthly report yesterday (March 22), the TurkStat indicated that the Agricultural input price index (Agricultural-IPI) soared by 57.26 percent annually and by 10.12 percent monthly in January 2022.

• As defined by the TurkStat, "the agricultural input price index is important in terms of monitoring the variability of the inputs purchased by the producers (farmers) both in the current production year and for investment purposes as a cost factor and obtaining the variables that calculate the agricultural income indicators."

According to the Institute, while the Agriculture-IPI increased by 10.12 percent when compared to the previous month (December 2021), it increased by 57.26 percent when compared to last January and increased by 31.35 percent when compared to the twelve months moving averages.

Annual rate of changes of Agricultural-IPI (%), January 2022

Monthly and yearly changes

According to the January 2022 data of the TurkStat, monthly changes by main groups, goods and services contributing to the agricultural investment index increased by 6.99 percent; goods and services currently consumed in the agricultural index increased by 10.57 percent.

The goods and services contributing to the agricultural investment index increased by 36.10 percent and the goods and services currently consumed in the agricultural index increased by 60.78 percent when compared to the same month of the previous year.

153-percent increase in fertilizer, soil improvers

Fertilizer and soil improvers with 153.34 percent and energy and lubricants with 101.14 percent were the subgroups where high annual increases were seen. Subgroups that indicated low increase were seeds and planting stock with 9.40 percent and materials with 16.34 percent.

Energy and lubricants with 37.91 percent and maintenance of buildings with 17.06 percent were the subgroups which saw high monthly increases. Materials with 2.42 percent and animal feedingstuffs with 4.06 percent were the subgroups that indicated low monthly increase.

On the other hand, seeds and planting stock with 8.41 percent was the only subgroup that saw a monthly decrease in January. (SD)