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In the 12 months to August 2024, the Agricultural Output Price Index rose by 18.0%, while the Agricultural Input Price Index dropped by 6.7% over the same period.
The Agricultural Output Price Index for August 2024 rose by 1.0% when compared with July 2024.
On a monthly basis, the Agricultural Input Price Index for August 2024 decreased by 0.5% when compared with July 2024.
The most significant Output Price increases in the 12 months to August 2024 were in Milk (+35.5%), Potatoes (+16.2%), and Sheep (+15.1%) while decreases were recorded in Eggs (-3.7%), and Poultry (-1.1%).
Over the 12 months to August 2024, there were significant reductions in the Input prices recorded for Electricity (-20.6%), Feed (-12.8%), and Fertilisers (-9.0%), while Plant Protection Products rose by 4.8%.
The monthly Terms of Trade grew by 1.5% in August 2024 when compared with the previous month. The annual Terms of Trade went up by 26.5% when compared with August 2023.
The overall monthly Agricultural Output and Input Price Indices are presented in Figure 1. Table 1 and Table 2 contain detailed indices listed from August 2023 to August 2024. The monthly Terms of Trade are shown below.
| Agricultural Price Indices - August 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| August 2023 | 120.6 | 133.3 | 90.5 |
| July 2024 | 141.0 | 125.0 | 112.8 |
| August 2024 | 142.3 | 124.3 | 114.5 |
| Monthly % Change | 1.0% | -0.5% | 1.5% |
| Annual % Change | 18.0% | -6.7% | 26.5% |
Figure 2 displays a selection of input price indices.
Figure 3 shows the main components of the output price index of agricultural products from August 2023 to August 2024.
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Statistician's Comment
The Central Statistics Office (CSO) has today (15 October 2024) released Agricultural Price Indices August 2024.
Commenting on the release Dr Nele van der Wielen, Statistician in the Agriculture Division, said: "From July 2024 to August 2024, the monthly Agricultural Output Price Index increased by 1.0%, while the Input Price Index decreased by 0.5%.
On an annual basis, the Agricultural Output Price Index rose by 18.0%, and the Input Price Index fell by 6.7%.
Looking at the monthly Output sub-indices, significant increases were seen in Milk (+35.5%), Potatoes (+16.2%), and Sheep (+15.1%) over the 12 months to August 2024. Conversely, decreases were seen in Eggs, (-3.7%), and Poultry (-1.1%).
In the same period, substantial reductions in the Input sub-indices were recorded in Electricity (-20.6%) as well as for Feeding Stuffs (-12.8%), and Fertilisers (-9.0%).”