In the 12 months to October 2024, the Agricultural Output Price Index rose by 22.1%, while the Agricultural Input Price Index dropped by 6.9% over the same period.
The Agricultural Output Price Index for October 2024 rose marginally by 0.6% when compared with September 2024.
On a monthly basis, the Agricultural Input Price Index for October 2024 fell slightly by 0.5% when compared with September 2024.
The most significant Output Price increases in the 12 months to October 2024 were in Milk (+46.6%), Sheep (+18.2%), and Cattle (+12.5%), while decreases were recorded in Vegetables (-1.9%) and Pigs (-1.0%).
Over the 12 months to October 2024, there were significant reductions in the Input prices recorded for Electricity (-16.1%), Feed (-9.8%), and Fertilisers (-9.8%), while Plant Protection Products rose by 4.8%.
The monthly Terms of Trade rose by 1.1% in October 2024 when compared with the previous month. The annual Terms of Trade increased by 31.1% when compared with October 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 October 2023 to October 2024. The monthly Terms of Trade are shown below.
| Agricultural Price Indices - October 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| October 2023 | 121.5 | 131.8 | 92.2 |
| September 2024 | 147.5 | 123.3 | 119.6 |
| October 2024 | 148.4 | 122.7 | 120.9 |
| Monthly % Change | 0.6% | -0.5% | 1.1% |
| Annual % Change | 22.1% | -6.9% | 31.1% |
Figure 2 displays a selection of input price indices.
Figure 3 shows the main components of the output price index of agricultural products from September 2023 to September 2024.
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Statistician's Comment
The Central Statistics Office (CSO) has today (13 December 2024) published Agricultural Price Indices October 2024.
Commenting on the release Dr Nele van der Wielen, Statistician in the Agriculture Division, said: "From September 2024 to October 2024, the monthly Agricultural Output Price Index increased marginally by 0.6%, while the Input Price Index decreased by 0.5%.
On an annual basis, the Agricultural Output Price Index rose by 22.1%, and the Input Price Index fell by 6.9%.
Looking at the monthly Output sub-indices, significant increases were seen in Milk (+46.6%), Sheep (+18.2%), and Cattle (+12.5%) over the 12 months to October 2024. Conversely, declines were seen in Vegetables (-1.9%), and Pigs (-1.0%).
In the same period, substantial reductions in the Input sub-indices were recorded in Electricity (-16.1%) as well as for Feeding Stuffs (-9.8%), and Fertilisers (-9.8%).”