Table 3. Rate of Change for Input Prices, Consumer Price Index, Interest Rates, and Rate
of Change in Land Values, 1996-2002.
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1997 1998 1999 2000 2001 2002
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Annual Rate of Change for Input Prices Paid
Seed Prices (%) 1.87 0.42 1.84 2.16 2.03 2.21
Fertilizer Prices (%) 0.96 -1.92 0.52 1.74 1.92 1.93
Chemical Prices (%) 1.05 -0.58 -0.34 1.12 1.92 2.06
Machinery Prices (%) -1.24 1.06 0.40 -0.17 -0.39 0.30
Fuel and Lube Prices (%) -0.45 -4.20 0.78 3.32 3.63 3.61
Labor (%) 0.72 1.28 1.41 1.71 1.69 1.72
Other Input Prices (%) 0.05 1.24 1.87 2.14 2.18 1.91
Non-Feed Dairy Costs (%) 2.37 1.91 1.88 2.18 2.24 2.13
Non-Feed Beef Costs (%) 0.13 -0.46 0.55 1.08 1.09 1.08
Non-Feed Hog Costs (%) -2.17 1.83 2.12 2.38 1.49 1.89
Consumer Price Index 164.76 169.52 174.22 178.70 183.39 188.33
Annual Interest Rates
Long-Term (%) 8.09 8.38 8.00 7.64 7.47 7.34
Intermediate-Term (%) 8.80 9.00 8.88 8.50 8.50 8.42
Savings Account (%) 4.80 5.00 4.88 4.50 4.50 4.42
Annual Rate of Change
for U.S. Land Prices (%) 5.81 4.61 5.42 3.29 2.49 1.03
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Source: Food and Agricultural Policy Research Institute (FAPRI) at the University of
Missouri-Columbia and Iowa State University.