|Output||Input||Terms of Trade|
|Base year 2015=100|
|Monthly % Change||2.1%||1.3%||0.8%|
|Annual % Change||13.4%||7.4%||5.6%|
The agricultural output price index increased by 2.1% in May 2021 compared with April 2021. The agricultural input price index increased by 1.3% over the same period. Thus, the resulting terms of trade index was up 0.8% in this period. See Tables 1, 2 and graph.
On an annual basis, the agricultural input price index increased by 7.4% in May 2021 compared with May 2020. The agricultural output price index increased by 13.4% in May 2021 compared with May 2020. See Tables 1 and 2.
A further comparison of the May 2021 output sub-indices with the May 2020 sub-indices shows that sheep and milk increased by 29.8% and 20.3% respectively.
On the input side, the May 2021 sub-indices show that energy and fertilisers were up 18.2% and 14.6% respectively on May 2020 prices.