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Market Report & Commodity Prices – February 2024

General FTMTA News

The Central Statistics Office (CSO) released Agricultural Price Indices for February 2024 on the 15th of April 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 February 2024 rose by2.3% when compared with January 2024.
▪ The Agricultural Input Price Index for February 2024 increased marginally by 0.2%when compared with January 2024.
▪ The monthly terms of trade increased by 2.1% in February 2024 when comparedwith the previous month.
▪ In the 12 months to February 2024, the Agricultural Input Price Index dropped by15.1%, while the Agricultural Output Price Index was down by 7.6% over the sameperiod.
▪ The most significant Output price decreases in the 12 months to February 2024 were in cereals (-31.6%), milk (-16.6%), and poultry (-3.5%), while increases were recorded in potatoes (+75.5%), sheep (+18.4%), and vegetables (+13.1%).
▪ Over the 12 months to February 2024, there were significant reductions in the Input prices recorded for fertiliser (-45.0%), feed (-14.9%), and energy (-3.9%).
▪ The annual terms of trade was up by 8.8% when compared with February 2023.

On a monthly basis the Agricultural Output Price index has increased by 2.3% while the Agricultural Input Price index increased by 0.2%, compared with January 2024.The most significant monthly changes in the Output Price sub-indices were in the price of milk, which increased by 6.0% while pig prices were down by -1.1%. The monthly Input
Price sub-indices show a drop of 5.9% in PK fertilizer prices and show an increase of 3.5% in Motor Fuels prices. Looking at output prices in the 12 months since February 2023, there has been significant growth in potato prices (+75.5%) and, to a lesser extent, in sheep prices (+18.4%) and vegetables prices (+13.1%). Cereals and milk prices were the two areas with the highest price reductions at -31.6% and -16.6% respectively. On the Input price side over the last 12 months, there have been considerable decreases in fertiliser prices (-45.0%).

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