Agricultural Production Costs See Quarterly Decrease, Annual Slight Increase

The unit cost index of agricultural production recorded a 4.1% decline compared to the previous quarter, primarily driven by a significant 22.0% drop in the costs associated with perennial crops. This decrease contributed -7.36 percentage points to the overall change in the index.

On an annual basis, however, the unit cost index of agricultural production rose by 0.6% compared to the same quarter of the previous year. The primary driver of this increase was a 5.8% rise in the cost of perennial crops, which added 1.88 percentage points to the total index. Conversely, costs for annual crops fell by 5.3%, contributing -1.25 percentage points, while the value of live animals and animal products dipped marginally by 0.05%, contributing -0.05 percentage points to the overall change.

These shifts highlight the fluctuating dynamics within agricultural production costs, reflecting variations in crop yields, market demands, and external factors influencing agricultural inputs.