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The Agricultural Price Input Index is projected to fall by 9.8% in 2024 when compared with 2023.
The projected decrease in the Input Price Index is impacted by falls of 24.3% in fertiliser prices and of 13.8% in feeding stuff prices compared with the previous year.
Veterinary expense prices are projected to increase by 4.1%.
Output Price Indices are projected to rise by 6.8% in 2024 due to increases in potatoes (+31.6%), sheep (+15.4%), and milk (+15.1%) when compared with 2023.
The output price index for cereals is projected to fall by 21%.
The annual Terms of Trade is projected to increase by 18.5% in 2024 when compared with the year 2023.
The overall annual Agricultural Output and Input Price Indices are presented in Figure 1. Table 1, Table 2, Figure 2, and Figure 3 contain detailed indices listed from 2020 to 2023 and estimated indices for 2024.
| Agricultural Price Indices - Preliminary Estimates 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| 2023 | 131.3 | 140.0 | 93.8 |
| 2024 | 140.3 | 126.3 | 111.1 |
| % Change | 6.8% | -9.8% | 18.5% |
| X-axis label | Total Inputs | Total Outputs |
|---|---|---|
| 2020 | 100 | 100 |
| 2021 | 110.3 | 112.4 |
| 2022 | 150 | 145.4 |
| 2023 | 139.983 | 131.3 |
| 2024 | 126.263 | 140.3 |
Figure 2 shows the annual percentage change from 2023 to 2024 for the main components of the output price index of agricultural products.
| Cattle | Sheep | Pigs | Cereals | Milk | Potatoes | |
| 2024 | 2.7 | 15.4 | 2 | -21 | 15.1 | 31.6 |
Figure 3 displays the annual percentage change between 2023 and 2024 for a selection of input price indices.
| Feeding stuffs | Fertilisers | Energy | Veterinary expenses | |
| 2024 | -13.8 | -24.3 | -4.9 | 4.1 |
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Statistician's Comment
The Central Statistics Office (CSO) has today (05 November 2024) released Agricultural Price Indices - Preliminary Estimates 2024.
Commenting on the publication Dr Nele van der Wielen, Statistician in the Agriculture Section of the CSO said: "Today's release details Annual Preliminary Estimates in the Agricultural Input and Output Price Indices 2024. An estimation for Input Price Indices shows a drop of 9.8% when compared with 2023, while Output Price indices are estimated to rise by 6.8%. The Preliminary Agricultural Input Price Index presents a notable decline in Fertiliser and Feed prices of 24.3% and 13.8% respectively when compared with 2023. The estimates of the Output Price Indices suggest a notable increase in Potato Prices (+31.5), Sheep prices (+15.4%), and Milk prices (+15.1%) when compared with 2023. Cereal prices are predicted to fall by 21.0% in 2024 when compared with 2023. Preliminary estimates of the Terms of Trade show an increase of 18.5% when compared with the previous year."