Fertiliser prices were up by 164% in the 12 months to May this year, according to data from the Central Statistics Office (CSO).
But in one month, from April to May 2022, the fertiliser price dropped ever-so slightly by 0.9%.
The CSO published its agricultural price index today (Thursday, July 14), which was up by 41.6% in the year from May 2021.
The agricultural output price index was up by 28.0% in the same period.
The annual terms of trade, however, were down 9.6% compared to May 2021.
As well as the fertiliser-price increase, other input-price increases were seen in:
- Energy prices, which rose by 50.5%;
- Feed prices, which are up 32.6% in the year;
- Veterinary expenses, which were up by 2.8%;
- Plant-protection products, which were up by 23.9%; and
- Seeds, which were up by 12.5%.
On a monthly basis, the agricultural input price index was also up almost 3% when compared with April 2022.
The agricultural output price index was up just over 5% in the same time period.
In a little more detail, output prices in the 12 months to May 2022, included:
- Milk, which rose by 43.9%;
- Eggs, which rose by 17%;
- Vegetables, which were up by .7%;
- Potatoes, which were up by 22.3%;
- Cattle, excluding calves, which were up 26.6%;
- Calves, which were down 20.4%;
- Pigs, which were up 1.3%; and
- Sheep and poultry, which were up by 1.7% and 6%
The monthly terms of trade was up 2.6% in the month of May 2022.
Statistician with the CSO, Anthony Dawson, said the most notable change is in the price of feeds, where the price index has increased by nearly 6% since April 2022 and by 32.6% in the year from May 2021.
“This trend of input price increases is also seen in energy and fertiliser prices which are up 50.5% and 164%, respectively, in the year,” he said.
“Increases can also be seen in the output price sub-indices where the monthly price of milk has risen by 5.6% in the month from April 2022 and is up almost 44% in the year, while cattle prices are up more than 26% annually.”
More generally, the monthly agricultural output price index is up 5.4% and input price index is up by 2.7% in the month from April 2022 to May 2022.
“A more detailed look at the monthly output sub-indices shows increases in cattle prices (+6.7%) and milk prices (+5.6%), while the monthly input sub-indices saw a growth in energy prices (+7.3%) but a small drop in the price of fertilisers (0.9%). As a result, the terms of trade for May 2022 was up by 2.6%,” he said.