In the 12 months to October 2023, the Agricultural Output Price Index has dropped 16.7%, while the Agricultural Input Price Index was down by 14.8% over the same period.
The most significant Output price decreases in the 12 months to October 2023 were in milk (-38.3%) and cereals (-31.6%), while increases were recorded in potatoes (+65.7%), vegetables (+14.6%), eggs (+6.8%), and pig prices (+4.2%).
Over the 12 months to October 2023, there were significant reductions in the Input prices recorded for fertiliser (-47.0%), feed (-11.1%), and energy (-6.7%).
The annual terms of trade was down by 2.2% when compared with October 2022.
On a monthly basis, the Agricultural Output Price Index fell by 1.3% when compared with September 2023.
The Agricultural Input Price Index for October 2023 was down marginally by 0.8% in comparison with September 2023.
The monthly terms of trade fell by 0.5% in October 2023 when compared with the previous month.
Figure 1 shows both the Agricultural Input Price Index and the Agricultural Output Price Index.
| Agricultural Price Indices - October 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| October 2022 | 152.8 | 159.1 | 96.0 |
| September 2023 | 129.0 | 136.7 | 94.4 |
| October 2023 | 127.3 | 135.6 | 93.9 |
| Monthly % Change | -1.3% | -0.8% | -0.5% |
| Annual % Change | -16.7% | -14.8% | -2.2% |
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Statistician's Comment
The Central Statistics Office (CSO) has today (11 December 2023) released Agricultural Price Indices October 2023.
Commenting on the release Donal Kelly, Senior Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for October 2023. The latest results for October continue the general downward trend in both the input and output price indices since the start of the year. On a monthly basis, the Agricultural Output Price index was down by 1.3%, while the Agricultural Input Price index fell by 0.8%, when compared with September 2023.
The most noticeable monthly decreases in the Output Price sub-indices were in the price of pigs which fell by 4.6% and cattle by 2.6%, compared with September 2023. The monthly Input Price sub-indices show a decline of 2.1% was recorded in feed prices, while electricity prices were down by 1.7%.
Analysing Output prices in the 12 months since October 2022, growth has been observed in potatoes (+65.7%), vegetables (+14.6%) and pig prices (+4.2%), while the milk price has fallen by 38.3%.
Looking at Input prices over the last 12 months, overall decreases were recorded in fertiliser (-47.0%) and feeding stuff prices (-11.1%)."