The agricultural input price index increased by 30.49% on an annual basis and 5.89% on a monthly basis in January. The index hit its lowest level since June 2023.

The Turkish Statistical Institute (TÜİK) released data on the Agricultural Input Price Index (Agriculture-GFE) for January. Accordingly, the index rose by 5.89% compared to the previous month, 30.49% compared to the same month last year, and 39.58% compared to the 12-month averages.

As a result, the annual Agriculture-GFE hit its lowest level in the past 19 months since June 2023. In main groups, there was an increase of 5.95% in the index for goods and services used in agriculture compared to the previous month, and a 5.56% increase in the index for goods and services contributing to agricultural investment.

Compared to the same month last year, there was a 29.02% increase in the index for goods and services used in agriculture, and a 39.58% rise in the index for goods and services contributing to agricultural investment. HIGHEST INCREASE IN SEEDS According to the annual Agriculture-GFE, 7 subgroups showed a lower change, while 4 subgroups showed a higher change. In January, subgroups with lower annual increases were energy and lubricants with 21.43%, and agricultural chemicals with 21.66%.

Subgroups with higher annual increases were seeds and planting material at 50.09%, and other goods and services at 49.13%. Based on the monthly Agriculture-GFE, 7 subgroups showed a lower change and 4 subgroups showed a higher change. In January, subgroups with lower increases compared to the previous month were building maintenance expenses at 1.96%, and agricultural chemicals at 2.15%. On the other hand, subgroups with higher monthly increases were veterinary expenses at 32.87%, and other goods and services at 19.79%.