In the 12 months to August 2023, the Agricultural Output Price Index was down 16.2%, while the Agricultural Input Price Index fell by 12.0% over the same period.
The most significant Output price decreases in the 12 months to August 2023 were in milk (-38.0%) and cattle (-4.6%), while there were increases in potatoes (+37.1%), eggs (+14.2%) and pig prices (+13.0%).
Over the 12 months to August 2023, significant Input price drops were recorded in fertiliser (-45.0%) and motor fuel prices (-12.9%), while electricity prices were up by 25.1%.
The annual terms of trade was down by 4.8% when compared with August 2022.
On a monthly basis, the Agricultural Output Price Index fell by 4.5% when compared with July 2023.
The Agricultural Input Price Index for August 2023 was down by 0.4% in comparison with July 2023.
The monthly terms of trade decreased by 4.0% in August 2023 when compared with the previous month.
Figure 1 shows both the Agricultural Input Price Index and the Agricultural Output Price Index.
| Agricultural Price Indices - August 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| August 2022 | 153.5 | 155.2 | 98.9 |
| July 2023 | 134.6 | 137.2 | 98.1 |
| August 2023 | 128.6 | 136.6 | 94.2 |
| Monthly % Change | -4.5% | -0.4% | -4.0% |
| Annual % Change | -16.2% | -12.0% | -4.8% |
Table 1 and 2 have both been updated on 17 October 2023 due to an error detected in the Monthly Change heading, Aug-23/Aug-23 has been changed to Aug-23/Jul-23.
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Statistician's Comment
The Central Statistics Office (CSO) has today (12 October 2023) released Agricultural Price Indices August 2023.
Commenting on the release Dr Grzegorz Głaczyński, Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for August 2023. On a monthly basis the Agricultural Output Price index was down by 4.5%, while the Agricultural Input Price index fell by 0.4%, when compared with July 2023.
The most noticeable monthly decreases in the Output Price sub-indices were in the price of milk which dropped by 6.0%, and cattle prices by 4.0%, compared with July 2023. For the monthly Input Price sub-indices, a decline of 2.4% was recorded in feed prices, while motor fuel prices rose by 8.3%.
Analysing Output prices in the 12 months since August 2022, growth has been observed in potatoes (+37.1%), egg prices (+14.2%), and pigs (+13.0%), while the milk price was down by 38.0%.
Inspecting Input prices over the last 12 months, there have been noteworthy increases in electricity prices (+25.1%) and plant protection product prices (+7.6%), while an overall decrease was recorded in fertiliser prices (-45.0%) over the same period."