Agricultural Input Price Index was up 33.4% in the 12 months to November 2022 while the Agricultural Output Price Index rose by 25.3% over the same period.
Input price increases can be seen in fertiliser prices (+93.9%), energy prices (+36.6%) and feed prices (+32%) over the last 12 months.
Output price increases were recorded in milk prices (+39.9%), pig prices (+42.6%) and cereal prices (+47.5%) for November 2022 when compared with November 2021.
The annual terms of trade fell 6.1% when compared with November 2021.
On a monthly basis, the Agricultural Input Price Index increased marginally (+0.4%) when compared with October 2022.
The November 2022 Agricultural Output Price Index was up by 0.8% in comparison with October 2022.
The monthly terms of trade increased by 0.4% when compared with October 2022.
Figure 1 shows the increase in both the Agricultural Input Price Index and the Agricultural Output Price Index since 2020. It shows that from 2020 to the start of 2021 prices were relatively stable. While prices started to rise from January 2021, the largest price increases have occurred since the start of 2022.
| Agricultural Price Indices - November 2022 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| November 2021 | 121.8 | 119.4 | 102.0 |
| October 2022 | 151.5 | 158.7 | 95.4 |
| November 2022 | 152.7 | 159.4 | 95.8 |
| Monthly % Change | 0.8% | 0.4% | 0.4% |
| Annual % Change | 25.3% | 33.4% | -6.1% |