Milk prices have dropped significantly in the 12 months up until July 2023 and are now 34.7% lower than last year, the Central Statistics Office (CSO) has said today (Monday, September 11).
Agricultural output prices dropped by 12% within one year, while the input costs on Irish farms declined by 11.5% over the same period until July this year.
Cattle and sheep prices were down by 2.5% and 2.3% on last year. However, there were price increases for cereals (47.5%), potatoes (17.1%), pigs (16.5%), and eggs (14.2%).
Fertiliser prices are now 44.2% lower than in July 2022. Motor fuel prices were down by 26.7%, while prices for electricity and plant protection product were up by 31.9% and 7.6% respectively.
On a monthly basis, the agricultural output price index fell by 3.5% compared to June 2023, while the agricultural input price index dropped by 1%, the CSO said.
The price of milk dropped by 5% in July this year when compared to the previous month, while cattle prices fell by 4.3%, CSO senior statistician, Donal Kelly said.
Fertiliser and feed prices were down by 4% and 1.3% respectively, while motor fuel prices rose by 1.7% in July 2023 when compared to June 2023, he added.
Consumer prices
Meanwhile, latest CSO figures also show that consumers paid an average of 11c more for 2L of full-fat milk in August, when compared to the same month in 2022.
Along with milk, the CSO said that the national average price of Irish cheddar rose by 63c/kg in the 12 months to August 2023, while butter rose by 19c/lb.
The consumer price for beef has risen by 2.4% in a year, pork is up by 7% and poultry increased by 7.4%, according to CSO figures.
The price of lamb and goat meat is down by 2.7% in the year to August 2023, while eggs increased by 16.4% in the 12 months.
The average cost of a 800g white sliced pan was up by 4c, a similar sized brown sliced pan was up by the same amount. The average price for 2.5kg of potatoes was up by 11c.