The annual Agricultural Input Price Index was down 10.0% in 2024 when compared with 2023. The annual Agricultural Output Price Index rose by 7.8% over the same period.
The annual Output Price Indices show Cereals, and Industrial & Forage prices were down by 21.1% and 16.1% respectively in 2024 when compared with 2023 while Potatoes rose by 28.0%, Sheep were up 17.6%, and Milk rose by 16.3%.
Annual Input Price Index decreases were recorded in Fertilisers (-24.2%) and Electricity (-17.7%) in 2024 when compared with 2023, while the most notable annual increases were in Plant Protection Products (+4.3%), and Veterinary Expenses (+4.1%).
The annual Terms of Trade rose by 19.8% in 2024 when compared with 2023.
The monthly Agricultural Input Price rose 0.1% in the month to December 2024 and stood 4.8% lower than in December 2023. The monthly Agricultural Output Price rose 1.6% in the month to December 2024 and was up 20.4% compared with December 2023.
The most significant monthly Output Price increases in the 12 months to December 2024 were in Milk (+36.5%), Sheep (+27.0%), and Cattle (+15.4%), while decreases were recorded in Potatoes (-11.0%) and Vegetables (-0.4%).
Over the 12 months to December 2024, there were significant reductions in the Input Price Indices for Fertilisers (-9.1%), Electricity (-8.3%), and Feed (-7.8%), while Plant Protection Products rose by 4.8%.
The change in annual Electricity price index (-17.7%) was revised on 18 February 2025. This corrected value replaces the previously published figure of (-17.5%), which was due to a keying error.
| Agricultural Price Indices - December 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| December 2023 | 127.7 | 129.8 | 98.4 |
| November 2024 | 151.4 | 123.4 | 122.8 |
| December 2024 | 153.8 | 123.5 | 124.5 |
| Monthly % Change | 1.6% | 0.1% | 1.4% |
| Annual % Change | 20.4% | -4.8% | 26.5% |
The overall monthly Agricultural Output and Input Price Indices are presented in Figure 1. Table 1 and Table 2 contain detailed indices listed from December 2023 to December 2024.
Annual Price Indices reflect the mean or average monthly Price Index over the 12 calendar months of the year.
A summary of the headline annual Agricultural Price Indices is shown in Table 3. The overall annual Agricultural Output and Input Price Indices are presented in Figure 2. Table 4 and Table 5 contain detailed annual indices from 2020. The annual Terms of Trade are shown below.
| Table 3 Annual Agricultural Price Indices - 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| 2023 | 131.3 | 140.0 | 93.8 |
| 2024 | 141.6 | 126.0 | 112.4 |
| Annual % Change | 7.8% | -10.0% | 19.8% |
Figure 3 displays a selection of input price indices.
Figure 4 shows the main components of the output price index of agricultural products from December 2023 to December 2024.
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Statistician's Comment
The Central Statistics Office (CSO) has today (18 February 2025) published Agricultural Price Indices December and Year 2024.
Commenting on the release, Dr Nele van der Wielen, Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for December 2024 and the full year of 2024. Annual Price Indices reflect the mean or average monthly Price Index over the 12 calendar months of the year.
Annual Indices
Annual Agriculture Input Prices dropped by 10.0% in comparison with 2023, driven by significant price decrease in Fertilisers (-24.2%), and Electricity (-17.7%).
The annual Output Price Index was up by 7.8% in 2024 when compared with 2023, where a notable increase in Milk price (+16.3%) was observed.
The annual Terms of Trade for the year 2024 rose by 19.8% when compared with 2023.
Monthly Indices
The monthly Agricultural Output Price Index for December 2024 rose by 20.4% compared with December 2023, while the monthly Input Price Index fell by 4.8%.
From November 2024 to December 2024, the monthly Agricultural Output Price Index increased by 1.6%, while the Input Price Index was up marginally by 0.1%.
Looking at the monthly Output sub-indices, significant increases were seen in Milk (+36.5%), Sheep (+27.0%), and Cattle (+15.4%) over the 12 months to December 2024. Conversely, declines were seen in Potatoes (-11.0%) and Vegetables (-0.4%).
In the same period, substantial reductions in the Input sub-indices were recorded in Fertilisers (-9.1%), Feeding Stuffs (-7.8%) and Electricity (-8.3%).”