Farmers have seen a 24.3% drop in fertiliser costs this year compared with 2023 prices, according to preliminary estimates from the Central Statistics Office (CSO) today (Tuesday, November 5).

The latest figures show an estimated fall of 9.8% in the Agricultural Price Input Index for 2024 when compared with 2023 prices.

According to the CSO the projected decrease in the Input Price Index is “impacted by falls of 24.3% in fertiliser prices” and by 13.8% in feeding stuff prices compared with corresponding costs in 2023.

CSO

Separately the CSO also said that Output Price Indices are projected to rise by 6.8% in 2024.

Dr. Nele van der Wielen, statistician in the agriculture section of the CSO, said the estimates of the Output Price Indices “suggest a notable increase in potato prices (+31.5), sheep prices (+15.4%), and milk prices (+15.1%) when compared with 2023″. 

The CSO indices monitor trends in prices paid to farmers for their produce and in prices paid by farmers for purchases of goods and services.

The latest indices also suggest that veterinary expense prices are projected to increase by 4.1% in 2024 while the output price index for cereals is projected to fall by 21%.

Annual % change in selected agricultural output price indices Source: CSO

Although the CSO indices may show a decrease in certain input prices and an increase in some output prices farm organisations have repeatedly warned that farmers have faced severe financial pressures in Ireland throughout 2024.

The Irish Farmers’ Association (IFA) has highlighted that many farmers are struggling overall in relation to higher overall costs and cost-of-living pressures.

The Irish Creamery Milk Suppliers’ Association (ICMSA) has also cautioned that cash-flow continues to be a major issue for many family farms.

Weather-related costs, increased regulation particularly in relation to the nitrates derogation and the impact of uncertain global markets have all left their mark on the bottom line for many farmers during 2024 according to the key farm organisations.