site.btaNational Statistical Institute: Producer Price Index in Agriculture Increases by 8.6% in Q4 2024

The producer price index in agriculture for the fourth quarter (Q4) of 2024 rose by 8.6% compared with Q4 2023, the National Statistical Institute (NSI) reported on Monday.

This increase is driven by an 11.5% rise in the crop output price index and a 0.9% rise in the livestock output price index. Compared with the previous year as a whole, agricultural output prices went up by 3.1%, with crop output gaining 4.5% and livestock output declining by 0.6%.

In comparison with Q4 of 2023, cereal prices dropped by 2.7%, mainly due to a 1.7% decrease in the price of soft wheat. In contrast, industrial crop prices increased by 31.3%, attributed to a 34.1% rise in the price of sunflower.

Year-on-year, cereal prices were 8.3% lower, following a 5.2% decrease in soft wheat. Industrial crops, on the other hand, became 20.9% more expensive, driven by a 22.2% increase in the price of sunflower. Fresh vegetable prices climbed by 3.7%, while fresh fruit prices edged down by 0.4%.

According to NSI data, the prices of live animals declined by 2.5% compared with Q4 2023, reflecting a 5.7% drop in pig prices and a 9.7% fall in broiler prices. Livestock products, however, recorded a 5.7% increase, largely due to a 14.2% rise in cow’s milk prices.

In livestock farming, in Q4 2024 relative to 2023, live animal prices fell by 4.3%, following a 7.8% decrease for pigs and an 11.0% decrease for poultry. The prices of livestock products rose by 4.7%, with the sharpest growth seen in cow’s milk prices (13.3%) and in hen eggs for incubation (16.6%). By contrast, the price of hen eggs for consumption dropped by 8.2%.

The price index of products and services for current consumption in agriculture for Q4 2024 was 2.2% lower compared with the same quarter of the previous year, and fell by 5.0% on an annual basis, NSI data show.

Against Q4 2023, higher prices were observed for seed and planting material (up by 4.9%), plant protection products (up by 15.6%), and veterinary expenses (up by 5.9%). In contrast, the prices of electricity and fuels decreased by 8.0%, mineral fertilisers by 6.7%, and animal feed by 2.3%.

Comparing 2024 with 2023, the prices of seed and planting material increased by 7.4%, those of plant protection products by 17.5%, and those of veterinary expenses by 9.0%. Meanwhile, mineral fertilisers fell by 21.0%, feed by 6.5%, and electricity and fuels by 5.0%.