On a monthly basis, the Agricultural Output Price Index for February 2024 rose by 2.3% when compared with January 2024.
The Agricultural Input Price Index for February 2024 increased marginally by 0.2% when compared with January 2024.
The monthly terms of trade increased by 2.1% in February 2024 when compared with the previous month.
In the 12 months to February 2024, the Agricultural Input Price Index dropped by 15.1%, while the Agricultural Output Price Index was down by 7.6% over the same period.
The most significant Output price decreases in the 12 months to February 2024 were in cereals (-31.6%), milk (-16.6%), and poultry (-3.5%), while increases were recorded in potatoes (+75.5%), sheep (+18.4%), and vegetables (+13.1%).
Over the 12 months to February 2024, there were significant reductions in the Input prices recorded for fertiliser (-45.0%), feed (-14.9%), and energy (-3.9%).
The annual terms of trade was up by 8.8% when compared with February 2023.
The overall monthly Agricultural Output and Input Price Indices are presented in Figure 1. Table 1 and Table 2 contain detailed indices listed from February 2023. The monthly Terms of trade are shown below.
Agricultural Price Indices - February 2024 | |||
Output | Input | Terms of Trade | |
Base year 2015=100 | |||
February 2023 | 151.9 | 157.2 | 96.6 |
January 2024 | 137.2 | 133.3 | 102.9 |
February 2024 | 140.4 | 133.6 | 105.1 |
Monthly % Change | 2.3% | 0.2% | 2.1% |
Annual % Change | -7.6% | -15.1% | 8.8% |
Figure 2 displays a selection of input price indices.
Figure 3 shows the main components of the output price index of agricultural products from February 2023 to February 2024.
Figure 4 updates and animates automatically as data change in real time. It is an interactive tool that allow the user to check a particular trend from the drop-down list.
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.
Statistician's Comment
The Central Statistics Office (CSO) has today (15 April 2024) released Agricultural Price Indices February 2024.
Commenting on the release Giselle Myles, Statistician in the Agriculture Division, said: "Today's release presents Agricultural Price Indices for February 2024. On a monthly basis the Agricultural Output Price index has increased by 2.3% while the Agricultural Input Price index increased by 0.2%, compared with January 2024.
The most significant monthly changes in the Output Price sub-indices were in the price of milk, which increased by 6.0% while pig prices were down by -1.1%. The monthly Input Price sub-indices show a drop of 5.9% in PK fertilizer prices and show an increase of 3.5% in Motor Fuels prices.
Looking at output prices in the 12 months since February 2023, there has been significant growth in potato prices (+75.5%) and, to a lesser extent, in sheep prices (+18.4%) and vegetables prices (+13.1%). Cereals and milk prices were the two areas with the highest price reductions at -31.6% and -16.6% respectively. On the Input price side over the last 12 months, there have been considerable decreases in fertiliser prices (-45.0%)."