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Agricultural Price Indices - Preliminary Estimates 2023

Preliminary Estimates indicate a decrease of 8.0% in the Agricultural Output Price Index for 2023

CSO statistical publication, , 11am

Key Findings

  • The Output Price Index is projected to decrease by 8.0% in 2023 mainly due to the drop in milk price of 27.8%, when compared with 2022.

  • Estimated increases are seen in pig (21.9%) and potato prices (17.4%).

  • Input Price Indices are projected to decline by 5.2% in 2023 when compared with 2022.

  • The estimated fall in the Input Price Index of 5.2% is significantly affected by a reduction in fertiliser prices of 30.4% in 2023. Additionally, energy prices are also estimated to reduce by 2.8% over the same period.

  • Growth is expected in plant protection products (+8.8%), veterinary expenses (+6.1%), and feed prices (+2.8%).

  • The annual Terms of Trade is anticipated to fall by 3.0% when compared with the year 2022.

Statistician's Comment

The Central Statistics Office (CSO) has today (03 November 2023) released Agricultural Price Indices - Preliminary Estimates 2023.

Commenting on the publication Dr Grzegorz Głaczyński, Statistician in the Agriculture Section of the CSO said: "Today's release details Annual Preliminary Estimates in the Agricultural Input and Output Price Indices 2023. Estimations for both Input and Output Price Indices show a drop when compared with 2022, of 5.2% and 8.0% respectively. The Preliminary Agricultural Input Price Index presents a notable decline in Fertiliser prices of 30.4% when compared with 2022. Preliminary projections indicate a rise in Plant Protection Product prices of 8.8% when compared with 2022. The estimates of the Output Price Indices suggest a notable fall in Milk prices (-27.8%), increases in Pig (21.9%) and Potatoes (17.4%) when compared with 2022. Preliminary estimates of the Terms of Trade show a decrease of 3.0% when compared with the previous year."

Tables and Graphs

Agricultural Price Indices - Preliminary Estimates 2023
 OutputInput Terms of Trade
 Base year 2015=100
% Change-8.0%-5.2%-3.0%
Total inputsTotal outputs
Table 1 Agricultural Output Price Index 2023 - Preliminary estimates (excl VAT)

Table 2 Agricultural Input Price Index 2023 - Preliminary estimates (excl VAT)

Feeding stuffsFertilisersSeedsEnergyPlant protection productsVeterinary expenses