Turkish farmers face rising costs: Agricultural input prices jump 45%
Turkish farmers are grappling with a significant increase in the cost of essential supplies, according to the latest data from the Turkish Statistical Institute (TurkStat).
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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)
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