PRESS ROOM
7/5/2024
The first quarter of 2024 marks a general downward trend in agricultural input prices
During the first quarter of 2024, a general downward trend in agricultural input prices was observed in the retail market.
Fertilizers showed the highest average decreases in their prices, 6.02% so far this year and 2.78% in March 2024. Likewise, herbicide prices decreased by 2.35% in the month and 5.73% in the year-to-date of 2024.
Bogotá D.C., April 2024 (@Minagricultura, @UPRAColombia, @claudialili76). The Agricultural and Rural Planning Unit (UPRA) presents the results of the first quarter of 2024 revealing a widespread decrease in agricultural input prices in the retail market, through the Agricultural Input and Animal Feed Price Index.
During this period, average decreases of 5.25% in agricultural input prices and 3.67% in animal feed were observed. Fertilizers and herbicides were the most benefited, with reductions of 2.78% and 2.35%, respectively, in March 2024.
"The figures for the first quarter reflect a downward trend in agricultural input prices, especially in fertilizers and herbicides. This can have a significant impact on farmers, as it allows them to reduce their production costs and is a trend that has been observed in recent periods," stated Claudia Cortés, director of UPRA.
The most notable decrease was observed in NPK 25-4-24 fertilizers, with a decline of 8.16% in March 2024. In contrast, the compound fertilizer NPK 13-26-6 experienced the largest increase, up by 1.7% in the same period.
Regarding animal feed, prices continued to trend downwards, with a reduction of 3.67% in the first quarter of 2024, benefiting livestock producers by lowering their costs in this area.
For more information and details on the behavior of agricultural input prices, we invite you to consult the full report on the official UPRA website.
