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Agricultural input price index up by 41.6% in the year from May 2021.
Agricultural output price index up by 28.0% in the same period.
The annual terms of trade was down 9.6% compared to May 2021.
Input price increases can be seen in fertiliser prices which are up 164%, energy prices which rose by 50.5% and in feed prices which are up 32.6% in the year.
On a monthly basis, the agricultural input price index was also up almost 3% when compared with April 2022.
The agricultural output price index was up just over 5% in the same time period.
The monthly terms of trade was up 2.6% in the month of May 2022.
Figure 1 shows the increase in both the Agricultural Input Price Index and the Agricultural Output Price index since 2019. It shows that from 2019 to the start of 2021 prices were relatively stable. However since January 2021 prices have been increasing with the largest increases in prices coming since the start of 2022.
| Agricultural Price Indices - May 2022 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| May 2021 | 116.2 | 109.1 | 106.4 |
| April 2022 | 141.1 | 150.4 | 93.8 |
| May 2022 | 148.7 | 154.5 | 96.3 |
| Monthly % Change | 5.4% | 2.7% | 2.6% |
| Annual % Change | 28.0% | 41.6% | -9.6% |
| Total outputs | Total inputs | |
| Jan 2019 | 104.101 | 105.654 |
| Feb 2019 | 104.274 | 105.649 |
| Mar 2019 | 103.945 | 105.929 |
| Apr 2019 | 104.302 | 106.033 |
| May 2019 | 107.743 | 105.774 |
| Jun 2019 | 107.416 | 105.489 |
| Jul 2019 | 102.366 | 105.173 |
| Aug 2019 | 97.619 | 104.931 |
| Sep 2019 | 99.458 | 104.454 |
| Oct 2019 | 100.807 | 104.264 |
| Nov 2019 | 101.401 | 103.66 |
| Dec 2019 | 103.969 | 103.481 |
| Jan 2020 | 105.565 | 104.307 |
| Feb 2020 | 106.971 | 102.954 |
| Mar 2020 | 103.906 | 102.481 |
| Apr 2020 | 100.15 | 101.965 |
| May 2020 | 102.35 | 101.575 |
| Jun 2020 | 102.853 | 101.768 |
| Jul 2020 | 104.228 | 101.815 |
| Aug 2020 | 103.694 | 101.728 |
| Sep 2020 | 105.292 | 101.44 |
| Oct 2020 | 105.112 | 101.709 |
| Nov 2020 | 104.791 | 102.156 |
| Dec 2020 | 105.91 | 102.424 |
| Jan 2021 | 106.53 | 103.407 |
| Feb 2021 | 108.489 | 104.843 |
| Mar 2021 | 111.13 | 106.397 |
| Apr 2021 | 113.783 | 107.715 |
| May 2021 | 116.152 | 109.121 |
| Jun 2021 | 116.527 | 110.247 |
| Jul 2021 | 116.019 | 111.187 |
| Aug 2021 | 116.499 | 111.983 |
| Sep 2021 | 119.441 | 113.561 |
| Oct 2021 | 119.978 | 117.724 |
| Nov 2021 | 119.898 | 119.43 |
| Dec 2021 | 124.741 | 123.849 |
| Jan 2022 | 125.739 | 130.686 |
| Feb 2022 | 129.287 | 134.483 |
| Mar 2022 | 134.231 | 143.469 |
| Apr2022 | 141.097 | 150.381 |
| May 2022 | 148.728 | 154.492 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (14 July 2022) released Agricultural Price Indices May 2022.
Commenting on the release, Anthony Dawson, Statistician, said: "Today's release details price indices for May 2022. The most notable change is in the price of feeds where the price index has increased by nearly 6% since April 2022 and by 32.6% in the year from May 2021. This trend of input price increases is also seen in energy and fertiliser prices which are up 50.5% and 164% respectively in the year.
Increases can also be seen in the output price sub-indices where the monthly price of milk has risen by 5.6% in the month from April 2022 and is up almost 44% in the year while cattle prices are up more than 26% annually.
More generally, the monthly agricultural output price index is up 5.4% and input price index is up by 2.7% in the month from April 2022 to May 2022. A more detailed look at the monthly output sub-indices shows increases in cattle prices (+6.7%) and milk prices (+5.6%), while the monthly input sub-indices saw a growth in energy prices (+7.3%) but a small drop in the price of fertilisers (0.9%). As a result, the terms of trade for May 2022 was up by 2.6%.
Annually, the agricultural input prices index is up 41.6% while the output price index is up 28.0%. The resulting annual change in the terms of trade was down 9.6%."