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Ireland 17.01.2024

Consumer Price Trends in Ireland: Mixed Impact on Dairy Products

Source: The DairyNews
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In Ireland, the Central Statistics Office (CSO) reported fluctuations in dairy prices in its latest Consumer Price Index (CPI) for December 2023.
Consumer Price Trends in Ireland: Mixed Impact on Dairy Products
Over the 12 months leading up to December 2023, the national average price for two litres of milk experienced a decrease of eight cents. Similarly, the cost of a pound of butter decreased by nine cents during the same period. However, consumers saw a notable increase of 21 cents in the price of cheddar cheese compared to the previous year.

The overall Consumer Price Index (CPI) for goods and services showed a 4.6% increase in December 2023 compared to December 2022. Anthony Dawson, a statistician in the CSO prices division, highlighted specific changes in prices, mentioning increases for a 2.5kg bag of potatoes (36 cents) and Irish cheddar cheese per kg (21 cents). On the other hand, there were decreases in the price of a pound of butter (9 cents) and two litres of full-fat milk (8 cents) compared with December 2022.

The CSO Agricultural Input Price Index, published earlier, indicated significant output price decreases in the 12 months to November 2023, particularly in milk, which fell by 36.8%, and cereals, which declined by 31.6%.

The CPI, designed to measure the change in the average level of prices for consumer goods and services, is based on 50,000 prices collected for a representative basket comprising 615 item headings from various retail and service outlets across the country.

In December 2023, consumer prices rose by 0.5% compared to the previous month, with notable increases in recreation and culture (2.5%) and furnishings, household equipment, and routine household maintenance (1.4%). The rise in recreation and culture prices was attributed to higher costs for package holidays.
Becky Smith
Becky Smith
Analyst (Livestock) AHDB
China is an important buyer on the world dairy markets, with a strong influence on global demand that plays into price dynamics. Imports of dairy products to China continued to decline in 2023, driven by increased domestic production and weaker consumer demand.
Keith Woodford
Keith Woodford
principal consultant at Agri food Systems Ltd.
Synlait is in big trouble with losses mounting up and no easy answers, says Keith Woodford. For much of the past 20 years, Synlait was an entrepreneurial player in the New Zealand dairy industry, with a strong focus on growth. For a long time, it seemed to be doing everything right.