The index of agricultural input prices for June was 3.5% down on the same figure for June of last year, according to the Central Statistics Office (CSO).

At the same time, the output price index also decreased, down 4.3% on the figure for June 2019.

This results in a slight downward change in the overall agricultural terms of trade of 0.8% between the two months.

Looking at the figures on a month-to-month basis, the output price index increased by 0.5% in June compared with May, while the input index rose 0.2%. This resulted in a slight increase in the terms of trade of 0.3%.

Output price index

The output price sub-index for animals declined by about 1.1% in June compared to the same month of 2019, and slightly increased by 0.6% compared to May.

On a monthly basis (May 2020 to June 2020), the sub-indices saw generally slight decreases across the board: 0.2% for cattle (0.4% for cattle excluding calves); 3.6% for pigs; and 0.4% for poultry. No monthly figures were available for calves or sheep.

For animal products, the milk sub-index decreased by 1.5% annually (increased 3% monthly); eggs increased 0.5% annually (increased 0.2% monthly); and the wool sub-index nose-dived by 66% (no monthly change).

For crops, the overall output price index fell by 21.9% from June 2019 to June 2020 (fell 0.1% from May to June). This was comprised of annual declines of 27.5% for cereals including seeds (no monthly change); 2.1% for vegetables (no monthly figure available); and 39% for potatoes including seeds (no monthly figure available).

Input price index

Turning to the input price sub-index, the index for fertiliser dropped by 10.7% annually, and dropped by 1.2% monthly.

For energy prices, the input sub-index revealed an annual decrease of 12.7% (through a monthly increase of 2.5%). This was comprised of: a 2.7% annual decrease for electricity (0.2% monthly decrease); a 16.3% annual decrease for motor fuels (3.7% monthly increase); and a 1.7% annual decrease for lubricants (1% monthly decrease).

For feeding stuffs, the annual figure decreased by 2.5%, while the monthly figure rose very slightly by 0.2%.

To summarise the remaining input price sub-indices: seeds decreased by 7.1% annually (no monthly change); plant protection products rose slightly by 0.5% annually (increased 0.1% monthly); veterinary expenses increased 1.4% annually (no monthly change); maintenance of materials and buildings increased by 0.9% annually (increased 0.2% monthly); and other goods and services increased 1.6% annually (no monthly change).