The Central Statistics Office (CSO) has today (Thursday, August 11) released the Agricultural Price Indices for June 2022, which reveals that the price of milk has increased by almost 45% since June last year.
The data reveals that the agricultural input price index is up by 40.2% in the year from June 2021, while agricultural output price index was up by 29.8% in the same period.
The annual terms of trade was down 7.5% compared to June 2021.
The indices monitor trends in prices paid to farmers for their produce and in prices paid by farmers for purchases of goods and services.
Input index
According to the CSO, input price increases can be seen in fertiliser prices which are up 144.7%, energy prices which rose by 60.2% and feed prices which are up 32.2% in the year.
On a monthly basis, the agricultural input price index was down 0.1% when compared with May 2022.
The monthly terms of trade was up 1.6% in the month of June 2022.
Commenting on the latest data, statistician, Anthony Dawson said: “The most notable change is in the price of energy, where the price index has increased by 7.6% since May 2022 and by 60.2% in the year from June 2021.
“This trend of input price increases is also seen in fertiliser and feed prices which are up 144.7% and 32.2% respectively in the year.”
Output index- rise in price of milk
“Increases can also be seen in the output price sub-indices where the price of milk has risen by 44.9% in the year, while cattle prices have increased by more than 27% annually,” Dawson added.
More generally, the monthly agricultural output price index is up 1.7% and input price index is down by 0.1% in the month from May 2022 to June 2022.
A more detailed look at the monthly output sub-indices shows increases in pig prices and cattle prices (+2.2%), while the monthly input sub-indices saw a growth in energy prices (+7.6%), but a reduction in the price of fertilisers (-6.3%).
As a result, the terms of trade for June 2022 was up by 1.6%.
(Base year 2015=100) Output Input Terms of trade June 2021 116.5 110.2 105.7 May 2022 148.7 154.7 96.3 June 2022 151.2 154.6 97.8 Monthly % change 1.7% -0.1% 1.6% Annual % change 29.8% 40.2% -7.5%
Annually, the Agricultural Input Prices Index is up 40.2% while the Output Price Index is up 29.8%. The resulting annual change in the terms of trade was down 7.5%.