The agricultural input price index, which shows the price change in the inputs purchased by the farmer to be able to produce, increased by 1.22% in February.
Which input groups increased in February?
In February, energy and oils decreased by 3.95%, fertilizers and soil improvers by 2.48% compared to the previous month. Ingredients saw a 2.95% increase and animal feed a 2.89% increase.
How much did the agricultural input price index increase on an annual basis?
As of February 2023, the index increased by 69.99% compared to the same month of the previous year and by 114.79% compared to the twelve-month averages.
The index hit a record high of 138.15 percent in September 2022. There was also a significant change in the groups that experienced price increases on an annual basis.
The war between Russia and Ukraine in 2022 caused rapid increases in both grain, fertilizer and energy prices. Especially the shortage of supply caused fertilizer prices to reach record high figures in the country. In this period, the annual price increase in the fertilizer and soil improvers group was 226%. As the problems were solved to a large extent, the rate of increase in prices also decreased. As of February 2023, the annual increase rate of fertilizer and soil growers was 77.92%.
On an annual basis, the highest price increase was seen in other goods and services group with 109.23%. Materials were the groups that experienced the highest price increase with 96.63% and building maintenance costs with 93.43%.