Irish milk prices up 17% on flat volumes in 2024
The value of milk in Ireland witnessed a significant growth by 16% to reach €4.1 billion in 2024, driven by a 17% rise in milk prices, according to the latest data released by the Central Statistics Office (CSO). Despite little change in volumes, the overall agricultural operating surplus saw an astounding increase of 46% or €1.3 billion, reaching a total of €4.3 billion.
The CSO's preliminary estimates highlight that the primary catalyst for this surge was the elevated prices for most agricultural outputs, especially milk. The value of agricultural output at basic prices reportedly increased by 8% (€928 million) to €12.2 billion, with milk prices leading the charge.
Livestock also contributed to the increased agricultural value, with cattle prices rising by 5%, adding an additional €51 million to their total value. However, the reduction in volumes tempered this growth. On the other hand, sheep values rose by 14% to €394 million despite a 3% volume contraction, thanks to an 18% price increase.
In terms of crops, their value edged up by 5% to €2.6 billion, bolstered by a 10% increase in cereal prices. This period also saw an interesting trend where intermediate consumption costs were estimated to have fallen by 4%, primarily due to a significant reduction in fertiliser and feeding stuffs prices.
Commentary from Mairead Griffin, a statistician at the CSO, noted that milk and cattle account for a substantial portion of the agricultural output value. Consequently, changes in these prices heavily influence the overall agricultural income. However, much of the input cost data is still provisional, with final estimates expected to be released in June.
