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 (%)                 1.65      1.03      1.74      1.81      2.03      1.93

Fertilizer Prices (%)           0.72     -0.85      0.30      1.60      1.86      1.86

Chemical Prices (%)             1.11      0.10     -0.34      1.11      1.91      2.04

Machinery Prices (%)           -1.29      1.41      0.83     -0.40     -0.90      0.28

Fuel and Lube Prices (%)       -0.94     -2.04      0.31      3.01      3.51      3.46

Labor (%)                       0.87      1.73      1.61      1.96      2.19      1.95

Other Input Prices (%)          0.14      1.37      1.93      1.84      1.85      2.22

Non-Feed Dairy Costs (%)        2.22      1.77      1.68      2.07      2.24      2.01

Non-Feed Beef Costs (%)         0.13     -0.63      0.34      1.10      1.20      1.16

Non-Feed Hog Costs (%)          0.27     -1.18      0.90      1.59      1.69      1.61

Rate of Change in CPI (%)      164.40    168.86    173.50    177.99    182.56    187.40

Annual Interest Rates

Long-Term (%)                   8.01      8.44      8.31      7.94      7.78      7.53

Intermediate-Term (%)           8.87      9.10      8.98      8.60      8.60      8.35

Savings Account (%)             4.87      5.10      4.98      4.60      4.60      4.35

Annual Rate of Change
for U.S. Land Prices (%)        5.83      4.28      4.93      2.99      2.12      1.14
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Source: Food and Agricultural Policy Research Institute (FAPRI) at the University of
Missouri-Columbia and Iowa State University.