Crop output prices decreased by 2.6% between October 2020 and November 2020, according to the latest figures from the Central Statistics Office (CSO).
The agricultural output price index decreased by 0.2% in November 2020 compared with the previous month. The agricultural input price index increased by 0.4% over the same period.
As a result, the terms of trade index was down 0.6% in this period.
An EU harmonised methodology is used to compile the price indices. The estimates are also sent to Eurostat – the Statistical Office of the European Union.
Source: CSO Ireland
Input prices
On an annual basis, the agricultural input price index decreased by 1.4% in November 2020 compared with November 2019.
On the input side, the November 2020 figures show that fertilisers and energy were down 11.6% and 10.1% respectively on November 2019 prices.
Veterinary expenses also increased in the year by 1.4% while seed prices decreased by 6%.
Output prices
The agricultural output price index increased by 3.4% in November 2020 compared with November 2019.
While cereal crop output increased by 1.4% year on year, the monthly difference in November 2020 showed a decrease.
There was a drop of 2.6% in cereal crop prices between October and November 2020.
The wool sector also experienced a significant decrease in output prices – two thirds (-66%) between November 2019 and November 2020.