On a monthly basis, the Agricultural Output Price Index for January 2024 rose by 2.7% when compared with December 2023.
The Agricultural Input Price Index for January 2024 remained unchanged when compared with December 2023.
The monthly terms of trade increased by 2.7% in January 2024 when compared with the previous month.
In the 12 months to January 2024, the Agricultural Output Price Index dropped by 13.8%, while the Agricultural Input Price Index was down by 15.9% over the same period.
The most significant Output price decreases in the 12 months to January 2024 were in cereals (-31.6%), milk (-30.3%), and poultry (-5.5%), while increases were recorded in potatoes (+75.5%) and vegetables (+13.1%).
Over the 12 months to January 2024, there were significant reductions in the Input prices recorded for fertiliser (-46.7%), feed (-14.6%), and energy (-6.8%).
The annual terms of trade was up by 2.5% when compared with January 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 January 2023. The monthly Terms of trade are shown below.
| Agricultural Price Indices - January 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| January 2023 | 159.0 | 158.5 | 100.3 |
| December 2023 | 133.6 | 133.3 | 100.2 |
| January 2024 | 137.2 | 133.3 | 102.9 |
| Monthly % Change | 2.7% | 0.0% | 2.7% |
| Annual % Change | -13.8% | -15.9% | 2.5% |
Figure 2 displays a selection of input price indices.
Figure 3 shows the main components of the producer price index of agricultural products from January 2023 to January 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 dropping list.
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Statistician's Comment
The Central Statistics Office (CSO) has today (12 March 2024) released Agricultural Price Indices January 2024.
Commenting on the release Giselle Myles, Statistician in the Agriculture Division, said: "Today's release presents Agricultural Price Indices for January 2024. On a monthly basis the Agricultural Output Price index has risen by 2.7% while the Agricultural Input Price index remained unchanged, compared with December 2023.
The most significant monthly changes in the Output Price sub-indices were in the price of milk, which rose by 4.9% in line with cattle prices that went up by 4.8%. In general, the monthly Input Price sub-indices exhibit little change, nevertheless there was a drop of 4.8% in PK fertiliser prices.
In the 12 months since January 2023, there were significant changes in the Output price side, particularly in potatoes (including seeds) (+75.5%), cereals (-31.6%), and milk (-30.3%). On the Input price side over the year, there have been considerable decreases in fertilisers (-46.7%), straight feeding stuffs (-20.3%), and electricity (-15.2%)."