The Agricultural Output Price Index was up 24.2% in the 12 months to January 2023 while the Agricultural Input Price Index rose by 20.6% over the same period.
The most significant output price increases can be seen in cereal prices (+47.5%), pig prices (+43.3%), milk prices (+29.5%) and cattle prices (+19.7%) over the last 12 months.
Input price increases were recorded in fertiliser prices (+29.0%), feed prices (+27.7%) and energy prices (+24.1%) in January 2023 when compared with January 2022.
The annual terms of trade was up 3.1% when compared with January 2022.
On a monthly basis, the Agricultural Output Price Index decreased by 3.6% when compared with December 2022.
The Agricultural Input Price Index for January 2023 was down marginally (-0.1%) in comparison with December 2022.
The monthly terms of trade decreased by 3.5% in January 2023 when compared with December 2022.
Figure 1 shows that both the Agricultural Input Price Index and the Agricultural Output Price Index had been rising steadily through the first half of 2021, but rose more sharply from the start of 2022 before levelling off somewhat since mid-2022.
| Agricultural Price Indices - January 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| January 2022 | 126.5 | 130.9 | 96.6 |
| December 2022 | 163.0 | 158.0 | 103.2 |
| January 2023 | 157.2 | 157.8 | 99.6 |
| Monthly % Change | -3.6% | -0.1% | -3.5% |
| Annual % Change | 24.2% | 20.6% | 3.1% |
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Statistician's Comment
The Central Statistics Office (CSO) has today (13 March 2023) released Agricultural Price Indices January 2023.
Commenting on the release, Donal Kelly, Senior Statistician in the Agriculture Division said: "Today's release details Agricultural Price Indices for January 2023. On a monthly basis the Agricultural Output Price index has fallen by 3.6% while the Agricultural Input Price index was down marginally by 0.1%, compared to December 2022.
The most significant monthly changes in the Output Price sub-indices were in the price of milk, which fell by 9.8% while cattle prices were up by 5.2%. Overall, the monthly Input Price sub-indices show little change, though there was a drop of 2% in fertiliser prices.
Looking at output prices in the 12 months since January 2022, there has been significant growth in cereal (+47.5%), pig (+43.3%), milk (+29.5%) and cattle prices (+19.7%). On the Input price side over the last 12 months, there have been notable increases in fertilisers (+29.0%), feed (+27.7%) and energy prices (+24.1%)."