Producer inflation in agriculture breaks record

The agricultural products producer price index (Agriculture-PPI) increased by 163.3 percent annually, and 4.59 percent monthly. Turkish Statistical Institute (TurkStat) published the Agricultural Products Producer Price Index (Agriculture-PPI) for October. While the Agriculture-PPI increased by 4.59 percent monthly in October, it increased by 163.32 percent annually. The index increased by 123.81 percent compared to December of the previous year and by 111.12 percent compared to twelve-month averages. Thus, the index broke a new annual record. In sectors, compared to the previous month, there was a 1.81 percent decrease in fish and other fishing products, a 4.72 percent increase in agricultural and hunting products and related services, and a 5.85 percent increase in forestry products and related services. In main groups, annual plant products increased by 3.21 percent, live animals and animal products by 4.36 percent and perennial plant products by 8.84 percent compared to the previous month. According to the monthly Agricultural PPI, 7 subgroups showed lower and 7 subgroups showed higher changes. The subgroups that showed a decrease compared to the previous month were tropical and subtropical fruits with 16.50 percent and fibrous plants with 12.46 percent, respectively. In contrast, the subgroup with the highest monthly increase was other tree and bush fruits and nuts with 50.68 percent and oil fruits with 13.58 percent. According to the annual Agricultural PPI, 8 subgroups showed lower and 6 subgroups showed higher changes. The subgroups with the lowest annual increase were sheep and goats, live animals; their unprocessed milk and wool with 83.57 percent and tropical and subtropical fruits with 125.26 percent, respectively. On the other hand, the subgroups with the highest annual increase were citrus fruits with 361.53 percent and rice with 230.48 percent, respectively.