23/7/2024
In May 2024, Agricultural Input Prices Continue Downward Trend
In May 2024, the average prices of major agricultural inputs decreased by 2.1%. Fertilizers dropped by 2.22%, with significant decreases in the 28-4-0-6 compound (-8.93%) and 31-8-8 compound (-7.07%).
Bogotá D.C., (@Minagricultura, @UPRAColombia, @claudialili76). The Unit of Rural Agricultural Planning (UPRA) released the latest report on the Price Index of Agricultural Inputs and Animal Feeds; an indicator that shows a continued decline in agricultural input prices, with a reduction of 2.1%. Specifically, animal feed prices dropped by 1.12%. The average prices of pesticides, which have been gradually decreasing since April 2023, fell by 1.88%, with a notable -2.69% variation in herbicide products. Fertilizers, on average, saw a price drop of 2.22% in the month, with significant reductions in the 28-4-0-6 (-8.93%) and 31-8-8 (-7.07%) compounds.
However, molluscicide prices increased by 1.43%, reaching a year-on-year rise of 16.04% and reporting the highest prices since January 2021 in May 2024.
In May 2024, the downward trend in the average prices of major agricultural inputs continued, with a monthly variation of -2.1% among fertilizers, pesticides, and other inputs. Fertilizers continue to drive this trend due to their importance in the production structure, with an average monthly variation of -2.22% and a year-to-date decrease of 10.65%.
"These results reflect significant progress in stabilizing and reducing costs for our agricultural producers, which in turn strengthens the sector's competitiveness and sustainability. We will continue to work hard to maintain this positive trend and support the development of the Colombian countryside with strategies and tools that facilitate more efficient and sustainable agriculture," explained Claudia Cortés, director of UPRA.
Pesticides also contributed to this trend, registering an average monthly variation of -1.88%. Herbicides saw the largest average price reduction for the month at -2.69%. Minor increases, less than 0.31%, were observed in certain active ingredients across all segments of the pesticide group: herbicides, fungicides, and insecticides.
