The agricultural input price index decreased by 2.4% in October 2020 compared with October 2019, according to the latest data from the Central Statistics Office (CSO).

The agricultural output price index increased by 4.2% in September 2020 compared with September 2019.

The agricultural output price index decreased by 0.2% in October 2020 compared with September 2020. The agricultural input price index increased by 0.3% over the same period. Thus, the resulting terms of trade index was down 0.4% in this period.

The indices monitor trends in prices paid to farmers for their produce and in prices paid by farmers for purchases of goods and services.

An EU harmonised methodology is used to compile the price indices. The estimates are also sent to Eurostat – the statistical office of the EU.

Outputs and inputs

A further comparison of the October 2020 output sub-indices with the October 2019 sub-indices shows that sheep and cereals increased by 18.2% and 5.8% respectively.

On the input side, the October 2020 sub-indices show that fertilisers and energy were down 11.9% and 11.4% respectively on October 2019 prices.

Price coverage

The actual prices used for the index series are based on the market price without the deduction of bonuses, taxes or levies with the exception of deductible value added tax (VAT) and third party levies.

Standardised prices are used for milk and cereals to ensure that products of identical quality are priced in successive periods.

In the case of milk for manufacturing, this means pricing at a fixed fat and protein content. Standardised cereal prices are based on the harvest price at 20% moisture content.