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Agricultural Price Indices March 2023

Agricultural Input Price Index increased by 7.7% in the year to March 2023

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

Key Findings

  • The Agricultural Output Price Index was up 8.1% in the 12 months to March 2023 while the Agricultural Input Price Index rose by 7.7% over the same period.

  • The most significant output price increases can be seen in pig prices (+52.2%), cereal prices (+47.5%), egg prices (+30.0%) and poultry prices (+16.4%) over the last 12 months.

  • Input price growth was recorded in feed (+21.2%), seeds (+7.1%), plant protection products and veterinary expenses (+6.1%), while energy prices fell (-4.7%) in March 2023 when compared with March 2022.

  • The annual terms of trade rose by 0.3% when compared with March 2022.

  • On a monthly basis, the Agricultural Output Price Index decreased by 3.8% when compared with February 2023.

  • The Agricultural Input Price Index for March 2023 was down by 1.3% in comparison with February 2023.

  • The monthly terms of trade fell by 2.5% in March 2023 when compared with the previous month.

Statistician's Comment

The Central Statistics Office (CSO) has today (12 May 2023) released Agricultural Price Indices March 2023.

Commenting on the release Dr Grzegorz Głaczyński, Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for March 2023. On a monthly basis the Agricultural Output Price index decreased by 3.8% while the Agricultural Input Price index dropped by 1.3%, when compared with February 2023.

The significant monthly changes in the Output Price sub-indices were recorded in the price of milk which fell by 11.7%, while pig prices increased by 9.2%. The monthly Input Price sub-indices show a decline of 5.9% in fertiliser prices.

Analysing Output prices in the 12 months since March 2022, significant growth has been observed in pig prices (+52.2%), cereals (+47.5%), eggs (+30.0%), and poultry (+16.4%).

Examining Input prices over the last 12 months, there have been increases in feed (+21.2%), seeds (7.1%), plant protection product prices (+6.1%), and veterinary expenses (+6.1%). An overall drop was recorded in energy prices of 4.7%, although electricity prices rose by 62.7% over the 12 month period."

Headline Table and Graph

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 - March 2023
 OutputInputTerms of Trade
 Base year 2015=100
March 2022135.1143.794.0
February 2023151.7156.896.7
March 2023146.0154.894.3
Monthly % Change-3.8%-1.3%-2.5%
Annual % Change8.1%7.7%0.3%
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)