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On a monthly basis, the Agricultural Output Price Index for May 2024 rose by 0.9% when compared with April 2024.
The Agricultural Input Price Index for May 2024 decreased by 1.4% when compared with April 2024.
The monthly Terms of Trade increased by 2.4% in May 2024 when compared with the previous month.
In the 12 months to May 2024, the Agricultural Input Price Index dropped by 10.4%, while the Agricultural Output Price Index rose by 1.1% over the same period.
The most significant Output price decreases in the 12 months to May 2024 were in Cereals (-31.4%), Industrial & Forage Crops (-26.4%), Eggs (-3.7%), and Pigs (-2.7%), while increases were recorded in Potatoes (+68.4%), Sheep (+22.4%), and Vegetables (+8.3%).
Over the 12 months to May 2024, there were significant reductions in the Input prices recorded for Fertiliser (-25.1%), Electricity (-20.7%), and Feed (-16.2%).
The annual Terms of Trade rose by 12.9% when compared with May 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 May 2023 to May 2024. The monthly Terms of Trade are shown below.
| Agricultural Price Indices - May 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| May 2023 | 137.7 | 141.1 | 97.6 |
| April 2024 | 137.9 | 128.1 | 107.7 |
| May 2024 | 139.2 | 126.4 | 110.2 |
| Monthly % Change | 0.9% | -1.4% | 2.4% |
| Annual % Change | 1.1% | -10.4% | 12.9% |
© Central Statistics Office, Ireland
https://data.cso.ie/table/AHM05
Figure 2 displays a selection of input price indices.
© Central Statistics Office, Ireland
https://data.cso.ie/table/AHM05
Figure 3 shows the main components of the output price index of agricultural products from May 2023 to May 2024.
© Central Statistics Office, Ireland
https://data.cso.ie/table/AHM05
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Statistician's Comment
The Central Statistics Office (CSO) has today (15 July 2024) released Agricultural Price Indices May 2024.
Commenting on the release Giselle Myles, Statistician in the Agriculture Division, said: "The release details price indices for May 2024. Output price sub-indices increases were seen in all the indices, when compared with previous month, with the exception of Vegetables, Cattle, and Cattle excluding Calves that decreased by 5.1%, 0.4%, and 0.6% with respect to April 2024.
More generally, the monthly agricultural output price index was up 0.9% and the input price index was down by 1.4% in the month from April 2024 to May 2024. Looking at the monthly input sub-indices, we can see that Fertilisers and Feeding Stuff showed the higher contractions with -3.0% and -2.3% respectively. As a result, the Terms of Trade for May 2024 was up by 2.4%.
Annually, the agricultural input prices index was down 10.4% while the output price index was up 1.1%. The resulting annual change in the Terms of Trade was up 12.9%."