The cost of fertiliser dropped by over 47% in the year up to November 2023, according to the Central Statistics Office (CSO).
In the 12 months to November 2023, the CSO Agricultural Input Price Index was down by 15.7%, while the Agricultural Output Price Index has dropped by 16.3% over the same period.
The Agricultural Price Indices November 2023, published today (Monday, January 15) reveals that along with a substantial fall in fertiliser prices, inflated by the war in Ukraine, feed prices were down by 12% and energy costs decreased by 11.5%.
Electricity prices dropped by 14.5%, motor fuels were down 10.5% and there was a 2.5% price drop in lubricants.
However, plant protection products increased in cost by 7.6% in the year up to November 2023, veterinary expenses rose by 6% and seeds were up by 2.8%
The CSO data shows that the most significant output price decreases in the year to November 2023 were in milk prices which fell by almost 37% and cereal prices (-31.6%).
Increases were recorded in potatoes (+63.2%), vegetables (+17.7%), and poultry prices (+3.1%).
Although there was only a marginal increase in cattle prices of 0.6% compared to November 2022, the price of calves rose by over 22% in the period.
Sheep prices were up by almost 2%, while the value of wool increased by 1.2%.
The annual terms of trade was down by 0.7% when compared with November 2022.
CSO
Commenting on the data, Dr. Grzegorz Glaczynski, statistician in the CSO Agriculture Division, said: “On a monthly basis, the Agricultural Output Price index was up by 1.3%, while the Agricultural Input Price index fell by 0.7%, when compared with October 2023.
“The output price index continue to recover since the low point in August 2023, while Input Price index continue to reduce since November 2022.
“The most noticeable monthly decreases in the output price sub-indices were in the price of pigs which was down by 5.4%, while price of milk increased by 3.9% compared with October 2023.
“The monthly input price sub-indices show a decline of 5.5% in energy prices over the same period,” he added.