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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.
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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%)."