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Agricultural Price Indices February 2024

Agricultural Input Price Index down 15.1% in February 2024

Online ISSN: 2009-5163
CSO statistical publication, , 11am

Key Findings

  • 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.

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%)."

Headline Table and Graph

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
 OutputInputTerms of Trade
 Base year 2015=100
February 2023151.9157.296.6
January 2024137.2133.3102.9
February 2024140.4133.6105.1
Monthly % Change2.3%0.2%2.1%
Annual % Change-7.6%-15.1%8.8%
Figure 1 - Agricultural Input and Output Price Indices (Base 2015=100)
Table 1 Agricultural Output Price Index (excluding VAT)

Table 2 Agricultural Input Price Index (excluding VAT)

Input Indicators

Figure 2 displays a selection of input price indices.

Figure 2- Agricultural Input Price Index (Base 2015=100)

Output Indicators

Figure 3 shows the main components of the output price index of agricultural products from February 2023 to February 2024.

Figure 3- Agricultural Output Price Index (Base 2015=100)

Live Chart Generator

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.

Figure 4- Agricultural Product