Dairy farmers were hit with a 27.5% drop in milk price in 2023 when compared to the previous year, according to new figures published by the Central Statistics Office (CSO).
The Annual Agricultural Output Price Index was down 8.2% in 2023 on the 2022 figure, while the Annual Agricultural Input Price Index fell by 5.5% over the same period.
The output price indices show sheep prices were down 1.7% in 2023, pigs and potatoes both rose by 19.1%, eggs were up 15.1%, and cattle by 3.4%.
Annual input price indices decreases were recorded in fertiliser (-31%) and energy (-3.5%), the most notable annual increases were in plant protection products (+8.8%), seeds (+7%), and veterinary expenses (+6.1%).
The annual terms of trade fell 2.9% when compared with 2022.
CSO
The CSO has also today (Tuesday, February 13) published the monthly Agricultural Price Indices for December 2023.
Over the 12 months to December 2023, there were significant reductions in the input prices recorded for fertiliser (-47.6%), feed (-13.9%), and energy (-5.8%).
The most significant Output price decreases in the 12 months to December 2023 were in milk (-39%), cereals (-31.6%), and poultry (-7.6%), while increases were recorded in potatoes (+78.6%) and vegetables (+23.0%).
On a monthly basis, the Agricultural Output Price Index for December rose by 3.3% when compared with November 2023.
The Agricultural Input Price Index for December 2023 was down marginally by 0.7% from November 2023.
Data
Commenting on the data, Dr. Grzegorz Glaczynski, statistician in the CSO’s agriculture division, said:
“Annual Agriculture Input Prices dropped by 5.5% in comparison with 2022, driven by significant price decrease in fertilisers (-31.0%), and energy (-3.5%). The annual Output Price Indices fell by 8.2% when compared with 2022, where a notable fall in milk prices (-27.5%) was observed.
“Comparing December 2023 with December 2022, the Agricultural Output Price Index was down 18.2%, while the Input Price Index declined by 15.9% resulting in a drop of 2.8% in the annual terms of trade,” he said.
“While the Agricultural Output Price Index remained ‘relatively stable’ since the middle of 2023 but rose by 3.3% in December 2023 in comparison to November 2023.
“The output sub-indices show monthly growth in cattle that rose 5.1% and milk prices that rose 5% compared to November 2023.
“However, there was a fall in pig prices, falling by 2.5% in December 2023 in comparison to November 2023,” Glaczynski added.