Agricultural Input Price Index was up 38.2% in the 12 months to August 2021 while the Agricultural Output Price Index rose by 30.5% over the same period.
The annual terms of trade fell 5.6% when compared with August 2021.
Input price increases can be seen in fertiliser prices (+127.8%), energy prices (+40.8%), and feed prices (+ 35.8%) in the last 12 months.
On a monthly basis, the Agricultural Input Price Index increased marginally (+0.1%) when compared with July 2022.
The Agricultural Output Price Index was up by 1.2% in comparison with July 2022.
The monthly terms of trade increased by 1.1% when compared with July 2022.
Figure 1 shows the increase in both the Agricultural Input Price Index and the Agricultural Output Price Index since 2020. It shows that from 2020 to the start of 2021 prices were relatively stable. While prices started to rise from January 2021, the largest price increases have occurred since the start of 2022.
| Agricultural Price Indices - August 2022 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| August 2021 | 116.5 | 112.0 | 104.0 |
| July 2022 | 150.2 | 154.6 | 97.1 |
| August 2022 | 152.1 | 154.8 | 98.2 |
| Monthly % Change | 1.2% | 0.1% | 1.1% |
| Annual % Change | 30.5% | 38.2% | -5.6% |
Statistician's Comment
The Central Statistics Office (CSO) has today (11 October 2022) released Agricultural Price Indices August 2022.
Commenting on the release, Dr Grzegorz Głaczyński, Statistician in the Agriculture Section of the CSO said:
"Today's release details the monthly and annual changes in the Agricultural Input and Output Price Indices for August 2022. Both the Input and Output Price Indices have been rising steadily since the beginning of 2021 with sharper increases seen in the first six months of this year, though plateauing since June 2022.
The overall Input Price Index increased marginally since July 2022 (+0.1%), while the underlying input sub-indices saw a monthly reduction in the price of energy (-5.4%), but a growth in feed prices (+1.3%) and fertiliser prices (+0.7%). On an annual basis compared to August 2021, input prices rose for fertiliser (+127.8%), energy (+40.8%), and feeding stuffs (+35.8%).
The Agricultural Output Price Index was up 1.2% from July 2022 to August 2022. A more detailed look at the output sub-indices shows monthly increases in cattle prices (+5.2%), pig prices (+3.5%), and milk prices (+1.3%). Looking at the year since August 2021, the price of milk has risen by 51.8%, cattle prices have increased by 24.4%, and there has been a slight increase in crop prices (+0.3%).
Annually, the agricultural input price index is up 38.2% while the output price index is up 30.5%, resulting in a drop of 5.6% in the annual terms of trade."