Turkish agricultural producer inflation surges by 62.48% annually, 8.03% monthly

The Institute's statement, released on Tuesday, delves into the intricate dynamics shaping Türkiye's agricultural sector.

The Agriculture-PPI, benchmarked to 2015 (2015=100), exhibited an 8.03% uptick on a monthly comparison, a 35.14% rise on the December of the prior year, a staggering 62.48% increase on the corresponding month of the previous year, and an overall 102.10% rise on the twelve-month moving averages basis for July 2023.

Segmenting the data by sectors, the forestry products and related services registered a 6.84% monthly surge, products of agriculture, hunting and related services increased by 8.01%, and fishing products and other fishing-related items experienced a notable 10.16% rise.

Further dissecting the data by main groups, live animals and animal products surged by 3.00%, non-perennial crops witnessed an 8.04% increase, while perennial crops notably climbed by 16.63% compared to the previous month.

Comparing subgroups against the general Agriculture-PPI, certain trends emerged. Subgroups like fibre plants with an 11.33% increase and cereal (excluding rice), leguminous crops, and oil seeds with a 17.99% rise indicated lower annual changes. In contrast, vegetables and melons, roots and tubers surged by 108.92%, and poultry, live, and eggs experienced a substantial 90.79% annual increase.

On a monthly basis, when juxtaposed with the general Agriculture-PPI, a different pattern emerged. Pome fruits and stone fruits surged by 12.62%, and vegetables and melons, roots and tubers experienced a 12.51% increase—highlighting notable monthly gains. Conversely, rice (in husk) experienced a marginal 0.45% decrease, standing as the sole subgroup with a monthly downturn.

These statistics from the Turkish Statistical Institute provide an insightful snapshot of the agricultural price dynamics within the country, reflecting the intricate interplay of various factors shaping Türkiye's agricultural landscape. (ILKHA)