site.btaQ1 Price Indices in Agriculture Down by 20.5% Y/Y

The producer price index in agriculture decreased by 20.5% in the first quarter of 2024 compared with a year earlier, the National Statistical Institute said Wednesday. The decrease was due to a drop in the price index of crop output by 27.3% and of animal output by 2.1%. Compared with the previous year, the prices of agricultural output decreased by 8.3%: in crop output they decreased by 11.7% and in animal output they increased by 1.0% 

In the first quarter of 2024, compared to a year earlier, the largest decrease was registered in the prices of cereals (by 30.0%) and industrial crops(by 15.9%). Compared with 2023, the price of cereals decreased by 13.5%.

Compared to the first quarter of 2023, the prices of live animals increased by 3.9% due to an increase in the prices of cattle by 4.0% and chickens by 8.4%. The prices of animal products decreased by 7.8%. Compared to 2023, a decrease was registered in the prices of live animals by 0.8%, while the prices of animal products output went up by 2.8%.

The agricultural consumer goods and services price index decreased by 6.8% in the first quarter of 2024 compared to a year earlier and by 4.3% compared to 2023.

The biggest decrease compared to the first quarter of 2023 was recorded for mineral fertilizers (by 32.2%) and animal feed (by 8.1%). Compared to 2023, in the first quarter of 2024 the prices of electricity and fuel decreased by 0.6%, of mineral fertilizers by 17.8% and animal feed by 5.9%.