On a monthly basis, the Agricultural Output Price Index rose by 1.3% when compared with October 2023.
The Agricultural Input Price Index for November 2023 was down marginally by 0.7% in comparison with October 2023.
The monthly terms of trade increased by 2.0% in November 2023 when compared with the previous month.
In the 12 months to November 2023, the Agricultural Output Price Index has dropped by 16.3%, while the Agricultural Input Price Index was down by 15.7% over the same period.
The most significant Output price decreases in the 12 months to November 2023 were in milk (-36.8%) and cereals (-31.6%), while increases were recorded in potatoes (+63.2%), vegetables (+17.7%), and poultry prices (+3.1%).
Over the 12 months to November 2023, there were significant reductions in the Input prices recorded for fertiliser (-47.1%), feed (-12.1%), and energy (-11.5%).
The annual terms of trade was down by 0.7% when compared with November 2022.
Figure 1 shows both the Agricultural Input Price Index and the Agricultural Output Price Index.
| Agricultural Price Indices - November 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| November 2022 | 154.0 | 159.7 | 96.4 |
| October 2023 | 127.3 | 135.6 | 93.9 |
| November 2023 | 128.9 | 134.6 | 95.7 |
| Monthly % Change | 1.3% | -0.7% | 2.0% |
| Annual % Change | -16.3% | -15.7% | -0.7% |
Statistician's Comment
The Central Statistics Office (CSO) has today (15 January 2024) released Agricultural Price Indices November 2023.
Commenting on the release Dr Grzegorz Głaczyński, Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for November 2023. On a monthly basis, the Agricultural Output Price index was up by 1.3%, while the Agricultural Input Price index fell by 0.7%, when compared with October 2023. The Output Price index continue to recover since the low point in August 2023, while Input Price index continue to reduce since November 2022.
The most noticeable monthly decreases in the Output Price sub-indices were in the price of pigs which was down by 5.4%, while price of milk increased by 3.9% compared with October 2023. The monthly Input Price sub-indices show a decline of 5.5% in energy prices over the same period.
Analysing Output prices in the 12 months since November 2022, growth has been observed in potatoes (+63.2%) and vegetable prices (+17.7%), while the milk price has dropped by 36.8%.
Looking at Input prices over the last 12 months, overall decreases were recorded in fertiliser (-47.1%) and feeding stuff prices (-12.1%)."