Agricultural input price index up by 39.1% in the year from July 2021.
Agricultural output price index up by 28.4% in the same period.
The annual terms of trade was down 7.7% compared with July 2021.
Input price increases can be seen in fertiliser prices which are up 133.8%, energy prices which rose by 51.3% and in feed prices which are up 34.2% in the last 12 months.
On a monthly basis, the agricultural input price index showed no change when compared with June 2022.
The agricultural output price index was down 1.6% in the same time period.
The monthly terms of trade was down 1.6% in the month of July 2022.
Figure 1 shows the increase in both the Agricultural Input Price Index and the Agricultural Output Price index since 2020. It shows that from 2020 to the start of 2021 prices were relatively stable. However since January 2021 prices have been rising with the largest increases in prices coming since the start of 2022.
| Agricultural Price Indices - July 2022 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| July 2021 | 116.0 | 111.2 | 104.3 |
| June 2022 | 151.3 | 154.6 | 97.9 |
| July 2022 | 149.0 | 154.6 | 96.3 |
| Monthly % Change | -1.6% | 0.0% | -1.6% |
| Annual % Change | 28.4% | 39.1% | -7.7% |
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Statistician's Comment
The Central Statistics Office (CSO) has today (13 September 2022) released Agricultural Price Indices July 2022.
Commenting on the release, Anthony Dawson, Statistician in the Prices Division said: "Today's release details agricultural price indices for July 2022. The most notable change is in the price of feeding stuffs, where the price index has increased by 2.2% since June 2022 and by 34.2% in the year from July 2021. This trend of input price increases is also seen in fertiliser and energy prices which are up 133.8% and 51.3% respectively in the year.
Increases can also be seen in the output price sub-indices where the price of milk has risen by 51.1% in the year, while cattle prices have increased by 16.0% annually.
More generally, the monthly agricultural output price index is down 1.6% while the input price index is unchanged in the month from June 2022 to July 2022. As a result, the terms of trade for July 2022 was down by 1.6%. A more detailed look at the monthly output sub-indices shows a decrease in cattle prices (-6.9%) but an increase in milk prices (+3.7%), while the monthly input sub-indices saw a growth in feed prices (+2.2%) but a reduction in the price of fertilisers (-2.7%) and energy (-2.8%).
Annually, the Agricultural Input Prices Index is up 39.1% while the Output Price Index is up 28.4%. The resulting annual change in the terms of trade was down 7.7%."