Agricultural Input Price Index was up 34.8% in October 2022 when compared with October 2021. The Agricultural Output Price Index increased by 26.3% over the same period.
Input price increases can be seen in fertiliser prices (+97.7%), energy prices (+41.4%), and feed prices (+32.9%) in the 12 months to October 2022.
Output price increases were recorded in milk prices (+44.2%), cereal prices (+47.5%), and pig prices (+38.8%) for October 2022 when compared with the corresponding period for 2021.
The annual terms of trade fell by 6.3% when compared with October 2021.
On a monthly basis, the Agricultural Input Price Index increased by 2.1% when compared with September 2022.
The Agricultural Output Price Index decreased by 1.3% in comparison with September 2022.
The monthly terms of trade decreased by 3.4% when compared with September 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. While prices started to rise from January 2021, the largest price increases have occurred since the start of 2022.
| Agricultural Price Indices - October 2022 | |||
| Output | Input | Terms of Trade | |
| Base year 2015=100 | |||
| October 2021 | 120.0 | 117.7 | 101.9 |
| September 2022 | 153.5 | 155.4 | 98.8 |
| October 2022 | 151.5 | 158.7 | 95.4 |
| Monthly % Change | -1.3% | 2.1% | -3.4% |
| Annual % Change | 26.3% | 34.8% | -6.3% |
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