Ireland: Producer Prices Plummeting by 23.7% Over the Past 12 Months Up to March 2024
Source: The DairyNews
Recent data from the Central Statistics Office (CSO) paints a picture of the dairy industry's challenges, with producer prices plummeting by 23.7% over the past 12 months up to March 2024. This significant decline in dairy prices contributed to an overall 9.1% drop in producer prices for food products during the same period.
While dairy products bore the brunt of the downward trend, other sectors within the agri-food industry also experienced fluctuations. Meat and meat products saw a marginal decrease of 0.3%, while decreases were recorded for vegetable and animal oils and fats (down 6%) and grain milling, starches, and animal feeds (down 6.8%).
Conversely, certain segments witnessed modest increases in producer prices. Fish and fish products saw a notable uptick of 7.1%, while bakery products experienced a slight increase of 0.3%. However, fruit and vegetable products remained unchanged, and other unspecified food products saw a decrease of 11.5%.
Outside of the agri-food and forestry sectors, the energy landscape exhibited significant shifts. Wholesale electricity prices plummeted by 40.3% annually from March 2023 to March 2024, with a staggering 70.4% decrease over two years compared to March 2022. Despite this, fuel prices, including petrol, autodiesel, gas oil, and fuel oil, experienced moderate increases ranging from 2.3% to 8.9%.
Construction products also saw some fluctuations, with a slight overall decrease of 0.3% in wholesale prices over the 12-month period to March. However, sub-categories within this sector displayed a wide range of changes, such as increases in prices for stone, sand, and gravel (up 12.5%) juxtaposed with decreases for treated timber (down 31.6%).
In terms of capital goods, prices for agricultural and industrial equipment increased by 4.3%, while transportable capital goods for agricultural use rose by 3.1% from March 2023 to March 2024. These trends underscore the dynamic nature of the agricultural and energy sectors, influenced by a myriad of factors from supply chain disruptions to global market dynamics.
Conversely, certain segments witnessed modest increases in producer prices. Fish and fish products saw a notable uptick of 7.1%, while bakery products experienced a slight increase of 0.3%. However, fruit and vegetable products remained unchanged, and other unspecified food products saw a decrease of 11.5%.
Outside of the agri-food and forestry sectors, the energy landscape exhibited significant shifts. Wholesale electricity prices plummeted by 40.3% annually from March 2023 to March 2024, with a staggering 70.4% decrease over two years compared to March 2022. Despite this, fuel prices, including petrol, autodiesel, gas oil, and fuel oil, experienced moderate increases ranging from 2.3% to 8.9%.
Construction products also saw some fluctuations, with a slight overall decrease of 0.3% in wholesale prices over the 12-month period to March. However, sub-categories within this sector displayed a wide range of changes, such as increases in prices for stone, sand, and gravel (up 12.5%) juxtaposed with decreases for treated timber (down 31.6%).
In terms of capital goods, prices for agricultural and industrial equipment increased by 4.3%, while transportable capital goods for agricultural use rose by 3.1% from March 2023 to March 2024. These trends underscore the dynamic nature of the agricultural and energy sectors, influenced by a myriad of factors from supply chain disruptions to global market dynamics.
