Both the output prices and input prices in the agriculture sector declined in the 12 months to January 2024, according to the Central Statistics Office (CSO).
The CSO has released its agricultural price indices for the month of January, which showed that the agricultural output price index dropped by 13.8% compared to January 2023, while the agricultural input price index was down by 15.9% in the same period.
On a monthly basis (comparing December 2023 to January 2024) the agricultural output price index rose by 2.7%, while the input index figure was unchanged.
As a result, the agricultural terms of trade increased by 2.7% in January compared to December.
For the 12 months to January, the most significant output price deceases were for cereals (down 31.6%), milk (down 30.3%), and poultry (down 5.5%).
However, over that period output price increases were noted for potatoes, which saw a substantial increase of 75.5%, and vegetables, which increased by 13.1%.
The overall output price index for animals was down 15.4% compared to January 2023. Apart from the decline for poultry, decreases were also noted for cattle (down 1.5%) and pigs (down 4.3%).
Increases in index were recorded for calves (up 21.7%) and sheep (up 8.2%).
The decrease in output price for milk accounted for almost all of the decrease for animal products collectively, with a much more marginal decrease for eggs (down 0.2%) and an increase for wool (up 1.2%).
Focusing on input prices over the 12 months to January 2024, there were significant reductions in input prices recorded for fertiliser (down 46.7%), feed (down 14.6%), and energy (down 6.8%).
For specific fertilisers, there were decreases across the board, with the exception of the ‘other fertilisers’ category.
These decreases were as follows:
- Straight fertilisers – down 52.2%;
- Compound fertilisers – down 45.3%;
- Phosphorous (P) and potassium (K) – down 31.1%;
- Nitrogen (N) plus P and K – down 45.6%;
- Other fertilisers – up 12%.
For feed, straight feeding stuffs decreased by 20.3% and compound feeding stuff decreased by 14.2%.
There were increases in input prices for plant protection products (up 7.6%), seeds (up 2.8%), and veterinary expenses (up 4.1%).