Irish Farmers See Fertiliser Costs Drop as Potato, Sheep, and Milk Prices Surge in 2024 - CSO Report
Source: DairyNews.today
Irish farmers are experiencing a mixed year in 2024 as fertiliser costs have fallen significantly, while prices for key agricultural products, including potatoes, sheep, and milk, have risen, according to preliminary data released by the Central Statistics Office (CSO) on November 5.
The CSO’s figures reveal a substantial 24.3% decline in fertiliser prices compared to 2023, leading to an overall drop of 9.8% in the Agricultural Price Input Index. Alongside the reduction in fertiliser costs, feeding stuff prices have decreased by 13.8%, helping ease some cost pressures for farmers.
At the same time, the CSO projects a 6.8% increase in the Output Price Index for 2024. According to Dr. Nele van der Wielen, an agricultural statistician at the CSO, key output prices have shown "notable increases," with potatoes up by 31.5%, sheep prices rising 15.4%, and milk prices increasing by 15.1% compared to 2023 levels.
The CSO indices, which monitor trends in agricultural input and output prices, indicate that veterinary expenses are projected to rise by 4.1%, while cereal prices are expected to fall by 21%.
However, despite some reductions in input costs, Irish farm groups warn that farmers continue to face financial strain. The Irish Farmers’ Association (IFA) has emphasized that high overall expenses, coupled with ongoing cost-of-living challenges, have put pressure on farmers’ financial stability.
The Irish Creamery Milk Suppliers’ Association (ICMSA) also noted that cash flow remains a critical concern for many family-run farms, pointing to added costs from regulatory changes, particularly in nitrates limits, and the impact of uncertain global markets.
Weather-related expenses, increasing regulatory demands, and fluctuating market conditions are all affecting the financial landscape for Irish farmers in 2024, underscoring the complex challenges of the current agricultural economy.
At the same time, the CSO projects a 6.8% increase in the Output Price Index for 2024. According to Dr. Nele van der Wielen, an agricultural statistician at the CSO, key output prices have shown "notable increases," with potatoes up by 31.5%, sheep prices rising 15.4%, and milk prices increasing by 15.1% compared to 2023 levels.
The CSO indices, which monitor trends in agricultural input and output prices, indicate that veterinary expenses are projected to rise by 4.1%, while cereal prices are expected to fall by 21%.
However, despite some reductions in input costs, Irish farm groups warn that farmers continue to face financial strain. The Irish Farmers’ Association (IFA) has emphasized that high overall expenses, coupled with ongoing cost-of-living challenges, have put pressure on farmers’ financial stability.
The Irish Creamery Milk Suppliers’ Association (ICMSA) also noted that cash flow remains a critical concern for many family-run farms, pointing to added costs from regulatory changes, particularly in nitrates limits, and the impact of uncertain global markets.
Weather-related expenses, increasing regulatory demands, and fluctuating market conditions are all affecting the financial landscape for Irish farmers in 2024, underscoring the complex challenges of the current agricultural economy.
