Business

Turkiye’s Agriculture-GFE Index Soars, Implications for Agricultural Market

November 2023 marked a significant surge in Turkiye’s Agriculture-GFE index, a barometer for the price changes in goods and services related to agriculture.

The index rose by 1.44% compared to the previous month and a striking 37.83% compared to the same month in the previous year. Over a 12-month period, the increase was even higher at 46.96%,reflecting the escalating costs in the agricultural sector.

Specifics of the Rise

Drilling down into the specifics, the index for goods and services used in agriculture climbed by 1.39% from the previous month. The index for agricultural investment goods and services experienced a more significant jump of 1.70%.

The year-over-year increases were substantial, with a 34.32% rise in the agriculture goods and services index and a dramatic 72.48% surge in the investment-related index.

Annual Changes by Subgroups

The annual changes by subgroups presented a mixed bag. Fertilizers and soil improvers had the smallest annual increase at 8.44%, while animal feed prices went up by 25.03%.

The greatest annual hikes were observed in veterinary expenses, which skyrocketed by 144.54%, and in other goods and services, experiencing an 83.90% rise.

Monthly Subgroup Analysis

On a monthly basis, some subgroups saw a decrease. Fertilizers and soil improvers decreased by 2.15%, and energy and oils went down by 1.80%. Contrarily, veterinary expenses and machine maintenance costs had the highest monthly increases at 10.84% and 3.70% respectively.

These figures represent a considerable shift in Turkiye’s agricultural sector. The rising costs of goods and services could signal potential challenges for consumers and producers alike. As the dynamics of this sector continue to evolve, stakeholders will need to keep a close eye on these indices, which serve as critical indicators of the agricultural market’s health.

Source: bnnbreaking

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