The Agricultural Input Price Index was up 16.4% in the 12 months to February 2023 while the Agricultural Output Price Index rose by 16.3% over the same period.
The most significant output price increases can be seen in cereal prices (+47.5%), pig prices (+39.6%), egg prices (+28.5%) and cattle prices (+18.8%) over the last 12 months.
Input price increases were recorded in feeding prices (+25.1%), energy prices (+18.1%) and fertiliser prices (+15.4%) in February 2023 when compared with February 2022.
The annual terms of trade was down marginally (-0.1%) when compared with February 2022.
On a monthly basis, the Agricultural Output Price Index decreased by 3.9% when compared with January 2023.
The Agricultural Input Price Index for February 2023 was slighty down (-0.8%) in comparison with January 2023.
The monthly terms of trade fell by 3.1% in February 2023 when compared with the previous month.
Figure 1 shows that both the Agricultural Input Price Index and the Agricultural Output Price Index had been rising steadily through the first half of 2021, but rose more sharply from the start of 2022 before levelling off somewhat since mid-2022.
| Agricultural Price Indices - February 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| February 2022 | 130.1 | 134.7 | 96.5 |
| January 2023 | 157.3 | 158.1 | 99.5 |
| February 2023 | 151.3 | 156.8 | 96.4 |
| Monthly % Change | -3.9% | -0.8% | -3.1% |
| Annual % Change | 16.3% | 16.4% | -0.1% |
Statistician's Comment
The Central Statistics Office (CSO) has today (13 April 2023) released Agricultural Price Indices February 2023.
Commenting on the release Donal Kelly, Senior Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for February 2023. On a monthly basis the Agricultural Output Price index has fallen by 3.9% while the Agricultural Input Price index was down by 0.8%, compared with January 2023.
The most significant monthly changes in the Output Price sub-indices were in the price of milk, which fell by 10% while cattle prices were up by 2.2%. The monthly Input Price sub-indices show a drop of 3.9% in fertiliser prices.
Looking at output prices in the 12 months since February 2022, there has been significant growth in cereal (+47.5%), pig (+39.6%), eggs (+28.5%), and cattle prices (+18.8%). On the Input price side over the last 12 months, there have been notable increases in feed (+25.1%), energy prices (+18.1%), and fertilisers (+15.4%)."