The Agricultural Input Price Index was up 35.1% in 2022 when compared with 2021, while the Agricultural Output Price Index rose by 26.7% over the same period.
A further comparison of the 2022 Input price indices with 2021 show increases in fertiliser (+122.9%), energy (+42.3%), and feeding stuffs (+29.5%).
Output price indices increases were recorded in milk (+44.5%), cereals (+40.6%), and cattle (+17.2%) in 2022 when compared with 2021.
The annual terms of trade fell 6.2% when compared with 2021.
On a monthly basis, the Agricultural Output Price Index for December rose by 6.3% while Agricultural Input Price Index was down 0.9% when compared with November 2022.
Monthly price indices increases were recorded in milk (+10.1%), cattle (+6.7%), and feeds (+1.2%), while energy and fertilisers decreased by 9.2% and 0.8% respectively.
The monthly terms of trade rose by 7.2% when compared with November 2022.
Figure 1 shows the values of the Agricultural Input Price Index and the Agricultural Output Price Index since 2015.
| Agricultural Price Indices - 2022 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| 2021 | 116.1 | 111.6 | 104.0 |
| 2022 | 147.1 | 150.9 | 97.5 |
| Annual % Change | 26.7% | 35.1% | -6.2% |
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Statistician's Comment
Today's release details the monthly and annual changes in the Agricultural Input and Output Price Indices for December 2022.
Commenting on the annual changes shown in the release, Donal Kelly, Senior Statistician in the Agriculture Division said: "Agriculture Input Prices rose by more than a third during 2022 (35.1%), driven by significant price increases in fertilisers (+122.9%), energy (+42.3%) and feeding stuffs (29.5%).
Annual Changes
As well as significant increases in input prices, there has also been substantial growth in the annual Output Price Indices which rose by 26.7% in comparison with 2021. There were notable increases in milk (+44.5%), cereals (+40.6%) and cattle (+17.2%) prices.
Comparing December 2022 with December 2021, the Agricultural Input Price Index was up 27.6% while the Output Price Index was up 30.2%, resulting in an increase of 2.0% in the annual terms of trade.
Monthly Changes
On a monthly basis, the Agriculture Input Price Index fell slightly in December 2022 by 0.9% when compared with November 2022, with the underlying sub-indices revealing monthly drops in energy (-9.2%) and fertiliser prices (-0.8%), but a rise in feeding stuffs (+1.2%).
Output Prices had been relatively stable since the middle of 2022 but rose again by 6.3% in December when compared to November 2022. The output sub-indices show monthly growth in cattle (+6.7%) and milk prices (+10.1%), while there was a fall in crop output prices (-1.7%) compared with November 2022.”