The Agricultural Input Price Index was down 6.5% in the 12 months to May 2023. The Agricultural Output Price Index also fell by 4.7% over the same period.
Comparing May 2023 with May 2022, the most significant output price increases were in cereal prices (+47.5%), pig prices (+32.3%) and egg prices (+17.6%), while milk prices dropped by 23.8%.
Over the last 12 months, Input price decreases were recorded in fertiliser prices (-35.6%) and motor fuel prices (-25.3%), while electricity prices increased by 34.6%.
The annual terms of trade rose by 1.9% when compared with May 2022.
On a monthly basis, the Agricultural Output Price Index increased marginally by 0.1% when compared with April 2023.
The Agricultural Input Price Index for May 2023 was down by 3.4% in comparison with April 2023.
The monthly terms of trade increased by 3.6% in May 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 - May 2023 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| May 2022 | 150.1 | 154.7 | 97.0 |
| April 2023 | 142.9 | 149.7 | 95.5 |
| May 2023 | 143.0 | 144.6 | 98.9 |
| Monthly % Change | 0.1% | -3.4% | 3.6% |
| Annual % Change | -4.7% | -6.5% | 1.9% |
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Statistician's Comment
The Central Statistics Office (CSO) has today (11 July 2023) released Agricultural Price Indices May 2023.
Commenting on the release Dr Grzegorz Głaczyński, Statistician in the Agriculture Division, said: "Today's release details Agricultural Price Indices for May 2023. On a monthly basis the Agricultural Output Price index increased marginally by 0.1% while the Agricultural Input Price index fell by 3.4%, when compared with April 2023.
The most noticeable monthly changes in the Output Price sub-indices were recorded in the price of milk which dropped by 0.9%, while crop output rose by 2.3%. The monthly Input Price sub-indices showed declines of 11.3% in fertiliser prices and 4.5% in energy, while plant protection products went up by 6.9%.
Looking at Output prices in the 12 months since May 2022, significant growth has been observed in cereal prices (+47.5%), pigs (+32.3%) and eggs (+17.6%), while milk prices decreased by 23.8%.
Inspecting Input prices over the last 12 months, there have been notable increases in plant protection products (+13.0%), seeds (+7.1%) and veterinary expenses (+6.1%). An overall drop was recorded in fertiliser prices of 35.6% over the same period."