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On a monthly basis, the Agricultural Output Price Index for March 2024 rose by 1.4% when compared with February 2024.
The Agricultural Input Price Index for March 2024 decreased by 0.8% when compared with February 2024.
The monthly terms of trade increased by 2.2% in March 2024 when compared with the previous month.
In the 12 months to March 2024, the Agricultural Input Price Index dropped by 15.3%, while the Agricultural Output Price Index was down by 3.5% over the same period.
The most significant Output price decreases in the 12 months to March 2024 were in cereals (-31.4%), industrial & forage crops (-26.4%), pigs (-7.5%), and milk (-5.2%), while increases were recorded in potatoes (+73.6%), sheep (+30.2%), and vegetables (+12.8%).
Over the 12 months to March 2024, there were significant reductions in the Input prices recorded for fertiliser (-39.9%), feed (-16.7%), and energy (-5.3%).
The annual terms of trade was up by 14.0% when compared with March 2023.
The overall monthly Agricultural Output and Input Price Indices are presented in Figure 1.1. In Table 1.1 and Table 1.2 detailed indices are listed from March 2023. The monthly Terms of trade are shown below.
| Agricultural Price Indices - March 2024 | |||
| Output | Input | Terms of Trade | |
| Base year 2020=100 | |||
| March 2023 | 142.2 | 151.6 | 93.8 |
| February 2024 | 135.3 | 129.4 | 104.5 |
| March 2024 | 137.2 | 128.4 | 106.9 |
| Monthly % Change | 1.4% | -0.8% | 2.2% |
| Annual % Change | -3.5% | -15.3% | 14.0% |
Figure 1.4 allows users to display the trend of a selected sub-index using the drop-down list.
Figure 1.3 shows the main components of the output price index of agricultural products from March 2023 to March 2024.
Figure 1.4 allows users to display the trend of a selected sub-index using the drop-down list
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Statistician's Comment
The Central Statistics Office (CSO) has today (16 May 2024) released Agricultural Price Indices March 2024. Today’s release introduces the new, rebased series of the Agricultural Price Indices, which uses the year 2020 as its reference point, and for which all indices are set at 100. Agricultural Price Indices are usually rebased every five years in line with EU best practice. The previous series used the year 2015 as its reference point.
Commenting on the release Giselle Myles, Statistician in the Agriculture Division, said: "Today’s release provides the latest Agricultural Price Indices in a new, rebased Agricultural Price Indices series using base year 2020 as 100. Compared with a year ago, the Agricultural Output Prices Index was down by 3.5% while the input price index dropped by 15.3%. On a monthly basis the Output Price Index increased by 1.4% when compared with a month ago, while the Input Price Index has fallen by 0.8%.
The most significant monthly changes in the Output Price sub-indices were in the price of Pigs (+2.8%), and Milk (+1.1%). Conversely the monthly input sub-indices saw reductions in the price of Electricity (-6.5%) and NP & PK fertiliser (-2.6%)."