The cost of some everyday food staples has fallen over the past year, with dairy products leading the price drops, new figures show today (Thursday, October 8).

Butter, Irish cheddar and full-fat milk all recorded decreases, but the price of bread, steak and potatoes was largely unchanged.

According to the latest Central Statistics Office (CSO) figures, there was good news for steak and spud lovers: the cost of the classic dinner barely changed with both sirloin steak and a 2.5kg bag of potatoes rising by just one cent.

The figures show that the price decreases in the 12 months to September 2026 included a fall in the price of a pound of butter (-57c), Irish cheddar per kg (-22c), 2 litres of full fat milk (-10c) and an 800g loaf of brown sliced pan (-2c). 

Overall according to the CSO average prices were 4.1% higher in September 2026 when compared with the same month last year.

That represents an increase from 3.7% in August with 4.1% is the highest annual inflation rate since January 2024, when it was also 4.1%.

Anthony Dawson, statistician in the CSO Prices Division said today: "The most significant increases in the 12 months to September 2026 were seen in housing, water, electricity, gas and other fuels (+9.5%), education services (+8.9%) and transport (+7.5%).

"The rise in housing, water, electricity, gas and other fuels was due to higher prices for home heating oil, electricity, rents and mortgage interest repayments. 

Price

But while the latest CSO figures highlight the high prices paid by consumers over the last 12 months this is against the backdrop of the fact that farmers are getting less for what they produce while also paying more to produce it.

Fertiliser, fuel and other production costs have soared this year but the prices farmers have received, in particular when it comes to dairy and beef, have declined.

The CSO analysed the prices paid to farmers for their produce and also the prices paid by farmers for purchases of goods and services

Cian O'Riordan, statistician in the CSO Agriculture Division, said: "The Agricultural Output Price Index for July 2026 fell by 12.3% when compared with July 2025.

"Milk (-21.8%) and cattle (-9.7%) in July 2026 were lower compared with July 2025, while there were increases in the prices for eggs (+12.6%) and sheep (+9.2%) over the same period".