The Agricultural Input Price Index (Agricultural-IPI) for January 2024 showed a substantial year-on-year increase of 45.11%.

This increase represents a jump of 7.51% compared to December 2023.

The rise is driven by cost increases in both goods and services used for current agricultural activities (7.27%) and those related to agricultural investment (9.07%).

Prices for goods and services contributing to agricultural investment, such as machinery and infrastructure, saw a sharper annual increase (74.88%) compared to those used for current consumption (41.22%).

The cost of veterinary expenses witnessed the most dramatic increase, with the highest annual change (167.95%) and the highest monthly change (29.35%).

These rising input costs pose a significant challenge for Turkish farmers. Higher production expenses could potentially lead to increased food prices for consumers down the line. (ILKHA)