Turkey’s agricultural input price index (Tarım-GFE) increased by 33.25% year-on-year in August 2024, with feed prices up 26.65% annually and 0.48% monthly. Despite the feed cost's significant share in animal product pricing, its increase remains below the overall input price rise.

According to Turkstat's data, the agricultural input price index (2020=100) saw a 33.25% increase in August 2024 compared to the same month last year. Feed prices rose by 26.65% annually and 0.48% on a monthly basis. Overall, the Tarım-GFE showed a 1.39% increase compared to July, with a year-to-date rise of 22.33%. The 12-month average increase stood at 43.15%. It was noteworthy that the price increases in feed, which accounts for about 70% of the total production costs of animal products, remained lower than the overall increase in agricultural input prices.

Among the key input categories, costs related to agricultural investments surged by 48.51% annually, while inputs used in agricultural production increased by 30.90%. Veterinary services experienced the sharpest yearly rise, with a 74.09% increase, and seeds and planting materials saw the highest monthly jump at 4.62%.

The next update from Turkstat is scheduled for November 20, 2024.