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AGRICULTURE PRODUCER INDEX DECLINES IN AUGUST!

The Agriculture producer price index declined by 4.34 percent in August from the previous month, the Turkish Statistical Institute (TÜİK) has said.

On the back of the August data, the annual increase of the index slowed from 158 percent in July to 142.4 percent last month.

The index for agriculture, hunting and related services dropped by 4.3 percent monthly for an annual increase of 141.8 percent.

Producer prices for live animals and animal products rose 1.99 percent, which brought the yearly increase to 119 percent.

The price index for poultry and eggs advanced 8.8 percent from July and increased by 118 percent year-on-year, while rice was up 6.9 percent month-on-month and rose 196 percent from a year ago.

Prices for cereals and oil seeds and fiber plants rose by 197 percent and 256 percent, respectively, in August from the same month of 2021.

The index covers 86 items, where the prices of 35 items declined and prices of 47 items increased in August, TÜİK said.

Last month, the producer prices in Türkiye rose by 2.41 percent month-on-month, while the annual increase was 144 percent.

Consumer prices advanced 1.46 percent in August and the annual inflation rate accelerated to 80.21 percent, with food prices rising 90.3 percent from a year ago.

The government’s new Medium-Term Program forecasts that consumer price inflation will ease from the estimated 65 percent this year to 24.9 percent at the end of 2023.

Inflation will further decline to 13.8 percent in 2024 and down to 9.9 percent in 2025, according to the program.

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