Agricultural output prices have risen by 19.7% in the twelve months to September 2024, while input prices have fallen by 7.4% over the same period, according to latest figures by the Central Statistics Office (CSO).
Agricultural Price Indices for September 2024 published by the CSO today (Thursday, November 14), show that the most significant output price increase in the 12-month period was recorded for milk which rose by 43.3%.
Output prices for potatoes, sheep and cattle also increased in the year to September 2024, and are now 15.5% higher for both potatoes and sheep, and 8.3% higher for cattle and 10.9% higher for calves.
Prices for cereals, including seeds, declined by 0.3% during the twelve-month period, while prices for eggs, poultry and vegetables fell by 3.7%, 1.5% and 0.5% respectively.
Meanwhile, there have been significant reductions in input prices in the year to September 2024, with the price for electricity down most significantly by 19.5%.
Fertiliser prices declined by 9.7%, while the cost of feed and motor fuels was down by 12.1% and 11.6% respectively. Increases, however, were recorded in the price of plant protection products which rose by 4.8%.
Veterinary expenses and costs for maintenance of materials and buildings have become more expensive, with prices rising by 4.1% and 3.3% respectively over the twelve-month period.
On a monthly basis, output prices were 3.6% higher in September than in August this year, while input prices were 0.8% lower in September than during the previous month, the CSO said.
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 these price indices.