The Agriculture-IPI, measured on a 2015=100 scale, demonstrated a monthly rise of 1.44%, a yearly increase of 37.83% compared to the previous December, a 38.82% surge compared to the same month of the previous year, and a substantial 46.96% increase compared to the twelve-month moving averages in November 2023.
Breaking down the monthly changes by main groups, the index for goods and services currently consumed in agriculture rose by 1.39%, while the index for goods and services contributing to agricultural investment increased by 1.70%. Compared to the same month of the previous year, the goods and services currently consumed in the agricultural index increased by 34.32%, and those contributing to agricultural investment rose by 72.48%.
In terms of annual rate changes within Agricultural-IPI, November 2023 revealed lower annual changes in four subgroups, while seven subgroups experienced higher rates. Notably, fertilizer and soil improvers saw a modest 8.44% increase, and animal feedingstuffs showed a 25.03% annual rise. On the other hand, veterinary expenses soared by 144.54%, and other goods and services experienced an 83.90% annual increase.
Further analysis of monthly changes revealed lower monthly changes in two subgroups, with fertilizer and soil improvers experiencing a 2.15% decrease and energy lubricants showing a 1.80% decline. Conversely, veterinary expenses recorded a substantial 10.84% monthly increase, while maintenance of materials saw a 3.70% rise.
The ongoing upward trend in agricultural input prices raises concerns about the future of Turkey's agricultural sector. The government is urged to adopt measures to support farmers and mitigate the impact of rising costs. (ILKHA)
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