The agricultural output price index was up 10.7% on an annual basis in May, according to the latest data from the Central Statistics Office (CSO).
This was compared to a 1.3% decrease in the agricultural input price index over the same period, the CSO said.
While the output price index measures the trends in the price of agricultural produce sold by farmers, the input price index reflects the trends in the price of farm inputs purchased for current consumption – that is, excluding non-capital materials and services.
On a monthly basis, the output price index was down 2.2% in May compared to the previous month, while the input price index decreased by 0.5%, the data showed.
As such, the resulting agricultural terms of trade index was up 2.8% month-on-month. This index is the output price index expressed as a percentage of the input price index.
| Agricultural Output price Index (excluding VAT) | ||
| Monthly change | Annual change | |
| Agricultural Output Price Index | 2.20% | 10.70% |
| Crop Output | -0.8% | -3.4% |
| Cereals (including seeds) | 0.0% | -3.0% |
| Vegetables | .. | -0.6% |
| Potatoes (including seeds) | .. | -9.8% |
| Animal Output | 2.6% | 12.5% |
| Animals | 2.6% | 3.9% |
| Cattle | 2.5% | 2.0% |
| Cattle excluding calves | 2.5% | 2.1% |
| Calves | .. | -6.3% |
| Pigs | 0.1% | 16.6% |
| Sheep | .. | 5.2% |
| Poultry | 0.4% | 0.1% |
| Animal Products | 2.7% | 33.4% |
| Milk | 3.0% | 35.0% |
| Eggs | 0.5% | 1.4% |
| Wool | -35.8% | -35.8% |
When broken down by sector, the figures showed the output price index for animals was up 12.5% over the year, with cattle the only category of animal showing a decrease at 6.3%. The output price index was up 35% for milk.
However, the output price index for crops was down 3.4% over the year, with potatoes down 9.8%.
The input price index for feeding stuffs also decreased 1.9% between 2016 and 2017, while fertilisers were down 7.5%.
| Agricultural Input Price Index (excluding VAT) | ||
| Monthly change | Annual change | |
| Agricultural Input Price Index | -0.50% | -1.30% |
| Seeds | 0.0% | 0.0% |
| Energy | -1.8% | 5.3% |
| Electricity | 0.0% | -3.4% |
| Motor Fuels | -2.6% | 8.7% |
| Lubricants | 0.6% | 3.1% |
| Fertilisers | -1.7% | -7.5% |
| Straight Fertilisers | -2.2% | -7.6% |
| Compound Fertilisers | -1.4% | -8.2% |
| PK Fertilisers | -0.7% | -9.4% |
| NPK Fertilisers | -1.4% | -8.2% |
| Other Fertilisers | 0.0% | 2.2% |
| Plant Protection Products | -0.3% | 1.1% |
| Veterinary Expenses | 0.0% | 0.5% |
| Feeding Stuffs | 0.0% | -1.9% |
| Straight Feeding Stuffs | -0.2% | 2.3% |
| Compound Feeding Stuffs | 0.0% | -2.3% |
| Feeding Stuffs for Calves | 0.0% | -5.3% |
| Feeding Stuffs for Cattle excl. Calves | 0.0% | -2.3% |
| Feeding Stuffs for Pigs | 0.0% | -1.1% |
| Feeding Stuffs for Poultry | 0.0% | -2.5% |
| Other Compound Feeding Stuffs | 0.0% | -2.9% |
| Maintenance of Materials and Buildings | 0.0% | 0.4% |
| Other Goods and Services | -0.5% | -1.5% |
Spring lamb
Meanwhile, spring lamb prices have begun to improve as numbers tightened during the second half of last week, with factory buyers opting to increase quotes by 5-15c/kg.
Most plants are now offering 530-545c/kg (excluding Quality Assurance bonuses) this week – a marked increase on the 520-535c/kg on offer last week.
Kildare Chilling (540c/kg + 10c/kg QA) and Kepak Athleague (545c/kg + 5c/kg QA) are standing side-by-side when it comes to an all-in price.