The Central Statistics Office (CSO) released Agricultural Price Indices for January 2024 on the 12th of March 2024. This release details the monthly and annual changes in the Agricultural Price Indices.
Key Findings
▪ On a monthly basis, the Agricultural Output Price Index for January 2024 rose by 2.7% when compared with December 2023.
▪ The Agricultural Input Price Index for January 2024 remained unchanged when compared with December 2023.
▪ The monthly terms of trade increased by 2.7% in January 2024 when compared with the previous month.
▪ In the 12 months to January 2024, the Agricultural Output Price Index dropped by 13.8%, while the Agricultural Input Price Index was down by 15.9% over the same period.
▪ The most significant Output price decreases in the 12 months to January 2024 were in cereals (-31.6%), milk (-30.3%), and poultry (-5.5%), while increases were recorded in potatoes (+75.5%) and vegetables (+13.1%).
▪ Over the 12 months to January 2024, there were significant reductions in the Input prices recorded for fertiliser (-46.7%), feed (-14.6%), and energy (-6.8%).
▪ The annual terms of trade was up by 2.5% when compared with January 2023.
On a monthly basis the Agricultural Output Price index has risen by 2.7% while the Agricultural Input Price index remained unchanged, compared with December 2023.
The most significant monthly changes in the Output Price sub-indices were in the price of milk, which rose by 4.9% in line with cattle prices that went up by 4.8%. In general, the monthly Input Price sub-indices exhibit little change, nevertheless there was a drop of 4.8% in PK fertiliser prices.
In the 12 months since January 2023, there were significant changes in the Output price side, particularly in potatoes (including seeds) (+75.5%), cereals (-31.6%), and milk (-30.3%). On the Input price side over the year, there have been considerable decreases in fertilisers (-46.7%), straight feeding stuffs (-20.3%), and electricity (-15.2%).
Figure 1: Shows both the Agricultural Input Price Index and the Agricultural Output Price Index
INDICES – January 2024
