The latest figures released by the Central Statistics Office (CSO) show that the average price of agricultural outputs rose 8.8% when July 2024 is compared with the same month in the year previous.

The office’s input price index shows a drop of 6.8% across the same timeframe.

Its input price index increased by 0.9% in the month of July alone, when there was also a marginal rise in output prices of 0.1% recorded on the equivalent figures for June.

However, the index's increase in farmgate prices in the 12 months up to July was not witnessed by all sectors in agriculture.

Cereal prices decreased by almost one third, industrial and forage crops were back 26% and eggs fell 3.7% in price.

Milk prices were 22% higher than the previous July, potatoes were up 35% and vegetables rose 8%.

While cattle prices were reported to have risen 5% in the year up to July, they dropped around 3% between June and July.

Sheep and prices were reported by the CSO to have increased by a respective 5% and 1% over the 12 months.

Input prices

The CSO noted that there were “significant reductions” in the prices paid for key farm inputs, such as a decline of one-fifth in the cost of electricity, a 15% fall in feed prices and fertiliser prices falling back 8% in a year.

The price of motor fuel did not reflect the general trend of declining input costs and rose nearly 11% in price.

At a sector level, the combined input and output price movement saw agriculture’s terms of trade grow by 1% in July alone and by 17% on the previous July, according to the CSO’s figures.