Preliminary estimates for agricultural input prices for 2022 indicate an increase of 34.7% compared to 2021 inputs prices, according to the Central Statistics Office (CSO).
The projected increase of 34.7% in the input price index is mainly due to rises in input prices for fertiliser, which is set to be up 121.3%, and energy, which is set to increase 42.9%, year-on-year.
The CSO estimates that, when the official annual figures are finalised, there will have been increases in input prices across all variables, with the lowest increase expected for veterinary expenses, at 2.8% above 2021 levels.
The feeding stuffs sub-index is expected to see an increase of 28.8% when the year is out. The plant protection products sub-index will be 20.1% higher, while for seeds, prices will be up 11.8%.
Output prices are also expected to see an overall increase compared to 2021, but this will not keep pace with the input index, rising by about 26.4%.
This increase in output prices will be driven by higher prices for milk, which will be up 43.3%, and cereals, which are set to run 40.7% higher than in 2021.
All output categories will see higher prices, with the lowest increase expected for fruit and vegetables, at 1.3%.
In terms of other animal sectors, cattle (beef production) will see an increase in output price of 17.6%, while the pigs sub-index will be up by 15.4%.
Poultry and sheep will see smaller gains, of 4.4% and 2.4% respectively.
Looking at the wider crops picture, the potatoes sub-index will be up by 10.7%.
When both the input and output price indices are taken together, the overall agricultural terms of trade for 2022 is expected to be back 6.2% when compared to last year.
These figures come as the Department of Agriculture, Food and the Marine confirmed that over 44,000 additional cows have been slaughtered to date this year at department-approved factories compared to the same time period last year.
Over 9,100 cows were processed in the week ending Sunday, October 30, making it the highest weekly kill of cows to date this year.