Surge in Milk Prices Contributes to 21.9% Rise in Agricultural Output Prices, Reports CSO

Agricultural output prices surged by 21.9% in the year leading up to November 2024, marking a substantial rise largely driven by a 41.9% increase in milk prices, according to the latest data from the Central Statistics Office (CSO).

The Agricultural Output Price Index for November 2024 saw a 1.9% increase compared to October 2024, representing the recorded prices of produce sold by farmers.

In addition to the dramatic rise in milk prices, other significant increases in output prices include a 19.3% rise for sheep and a 15.9% increase for cattle. Conversely, potato prices fell by 7.8% and vegetable prices decreased by 2.4%. There was no change in wool prices over the past year, while egg prices experienced a modest increase of 3.1%.

Meanwhile, over the same period, the Agricultural Input Price Index fell by 5.7%. However, on a monthly basis, the input index increased slightly by 0.5% from October 2024. This index measures trends in the prices of materials and services purchased for current consumption in agriculture.

The largest reductions in input prices were recorded in fertilizers, which dropped by 9.4%, and feed prices, which fell by 8.6%. Electricity prices decreased by 8.3%, whereas plant protection products saw a rise of 4.8%.

According to Dr. Nele van der Wielen, a statistician in the agriculture division at the CSO, "From October 2024 to November 2024, the monthly Agricultural Output Price Index increased by 1.9%, while the Input Price Index was up marginally by 0.5%. On an annual basis, the Agricultural Output Price Index rose by 21.9%, and the Input Price Index fell by 5.7%."

The monthly Terms of Trade increased by 1.4% in November 2024 compared to the previous month, and by 29.3% on an annual basis from November 2023.