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Ireland 01.02.2024

Ireland: Dairy product prices declined by 32% in 2023

Source: The DairyNews
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CSO Reports Significant Drop in Dairy Product Prices, Construction Material Costs Remain Stable
Ireland: Dairy product prices declined by 32% in 2023
The Central Statistics Office Ireland (CSO) has revealed a notable 32.4% decline in dairy product prices over the 12 months leading to December 2023. This decline contributed to an overall 8.5% drop in producer prices for food products during the same period. The food products and beverages index also experienced a decrease of 7.4%.

Key points from the CSO's findings:

Dairy Price Decline: Dairy product prices saw the most substantial decrease, contributing significantly to the overall drop in producer prices for food products. This downward trend aligns with the evolving dynamics of the dairy market.

Other Food Product Changes: Grain milling starches and animal feeds also experienced a decline of 5%. Vegetable and animal oils and fats saw an 8.1% decrease, while fish and fish products bucked the trend with an 8.9% increase.

Overall Food Products Category: Prices in the wholesale market for the overall food products category were lower in December 2023 compared to any time since December 2021. Producer prices for food products fell by 0.4% in the month and by 8.5% over the 12 months.

Construction Material Stability: Wholesale prices for construction products remained unchanged in the month leading to December 2023. Over the 12 months since December 2022, these prices saw a modest rise of 0.3%. Materials and wages remained stable in the month but were 2.2% higher than the same month the previous year.

Construction Materials Overview: Timber prices showed variation, with rough timber experiencing a notable 15.2% decrease, while machined, treated engineered timber decreased by 8% compared to 2022. Steel product prices also varied, with structural steel and reinforcing metal showing an increase of 3.8%.

All Materials Index: The all materials index, reflecting the overall construction material costs, increased by 6.3% compared to the 2022 average.

The findings provide insights into the changing economic landscape, particularly in the dairy and construction sectors, and underscore the impact of market dynamics on prices.

Source: Central Statistics Office Ireland (CSO), [Date]
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