During the first quarter of 2008, producer and input prices for agricultural output increased by 14.0 per cent and 22.5 per cent respectively.
Producer Price Index – In the first quarter of 2008, the producer price index for agricultural products stood at 113.3 points, an increase of 13.9 points (+14.0 per cent) from 99.4 points in the first quarter of 2007.
An increase of 50.5 per cent was registered in the fresh vegetables price index, resulting from a general decrease in the supply of fresh vegetables on the market. As a result, higher producer prices were recorded for vegetable marrows (+117.6 per cent), cauliflowers (+79.4 per cent) and onions (+48.8 per cent). On the other hand, the comparative period saw a decline in the average price of potatoes of 7.7 per cent. During the first quarter of 2008, the fruit price index registered a decline of 27.2 per cent when compared to the same quarter last year, to stand at 108.5 points. This was mainly due to an increase in the supply of citrus fruit, mainly oranges, the price of which decreased by 42.6 per cent.
The animals slaughtering index declined by 2.6 per cent as lower prices were registered for slaughtered bulls (-22.8 per cent) and pigs (-5.0 per cent). The price for slaughtered rabbits rose by 2.3 per cent. The animal products index increased by 22.8 per cent due to higher producer prices fetched for raw milk (+31.9 per cent), while the price of eggs remained unchanged.
Input Price Index – The input price index for agriculture increased by 22.5 per cent, from 103.0 points in the first quarter of 2007 to 126.1 points, mainly due to higher feeding costs. The goods and services index, which makes up 91.7 per cent of the input price index, registered an increase of 24.3 per cent over the comparative period, resulting mainly from increases in the prices of feeding stuffs (+39.2 per cent), maintenance of materials (+26.3 per cent) and motor fuels (+12.2 per cent).
The machinery and investment index rose by 3.3 per cent on account of higher prices paid for materials (+7.0 per cent). On the other hand, the buildings index declined slightly by 0.9 per cent.