The Agricultural Output Price Index was down 8.2% in 2023 when compared with 2022. The Agricultural Input Price Index fell by 5.5% over the same period.
The Output price indices show milk and sheep prices were down 27.5% and 1.7% respectively in 2023 when compared with 2022 while pigs and potatoes both rose by 19.1%, eggs were up 15.1%, and cattle by 3.4%.
Annual Input price indices decreases were recorded in fertiliser (-31.0%) and energy (-3.5%) in 2023 when compared with 2022, while the most notable annual increases were in plant protection products (+8.8%), seeds (+7.0%), and veterinary expenses (+6.1%).
The annual terms of trade fell 2.9% when compared with 2022.
Over the 12 months to December 2023, there were significant reductions in the Input prices recorded for fertiliser (-47.6%), feed (-13.9%), and energy (-5.8%).
The most significant Output price decreases in the 12 months to December 2023 were in milk (-39.0%), cereals (-31.6%), and poultry (-7.6%), while increases were recorded in potatoes (+78.6%) and vegetables (+23.0%).
On a monthly basis, the Agricultural Output Price Index for December rose by 3.3% when compared with November 2023.
The Agricultural Input Price Index for December 2023 was down marginally by 0.7% from November 2023.
The overall monthly Agricultural Output and Input Price Indices are presented in Figure 1. In Table 1 and Table 2 detailed indices are listed from December 2022. The monthly Terms of trade are shown below.
| Agricultural Price Indices - December 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| December 2022 | 163.1 | 158.4 | 103.0 |
| November 2023 | 129.2 | 134.2 | 96.3 |
| December 2023 | 133.4 | 133.3 | 100.1 |
| Monthly % Change | 3.3% | -0.7% | 4.0% |
| Annual % Change | -18.2% | -15.9% | -2.8% |
The overall annual Agricultural Output and Input Price Indices are presented in Figure 2. Table 4 and Table 5 contain detailed annual indices from 2015. The annual Terms of trade are shown below.
| Table 3 Annual Agricultural Price Indices - 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| 2022 | 148.5 | 151.2 | 98.2 |
| 2023 | 136.3 | 143.0 | 95.3 |
| Annual % Change | -8.2% | -5.5% | -2.9% |
Selected annual indices for Crop output, Animal Output and Animal Products combined with Annual Output Index are presented in Figure 3.
Selected annual indices for Energy, Fertilisers and Feeding Stuffs combined with Annual Input Index are presented in Figure 4.
Statistician's Comment
The Central Statistics Office (CSO) has today (13 February 2024) released Agricultural Price Indices December 2023.
Commenting on the release Dr Grzegorz Głaczyński, Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for December 2023 and the full year of 2023.
Annual Changes
Annual Agriculture Input Prices dropped by 5.5% in comparison with 2022, driven by significant price decrease in fertilisers (-31.0%), and energy (-3.5%).
The annual Output Price Indices fell by 8.2% when compared with 2022, where a notable fall in milk prices (-27.5%) was observed.
Comparing December 2023 with December 2022, the Agricultural Output Price Index was down 18.2%, while the Input Price Index declined by 15.9%, resulting in a drop of 2.9% in the annual terms of trade.
Monthly Changes
On a monthly basis, the Agriculture Input Price Index fell slightly in December 2023 by 0.7% when compared with November 2023, with the underlying sub-indices showing monthly drops in energy (-3.3%) and feeding stuff prices (-0.9%).
Output Prices had been relatively stable since the middle of 2023 and rose by 3.3% in December when compared with November 2023. The output sub-indices show monthly growth in cattle (+5.1%), and milk prices (+5.0%), while there was a fall in pig prices (-2.5%) compared with November 2023".