Irish CSO Reports Significant Output Price Increases for Agricultural Sector
Potato and vegetable growers have faced notable price increases, with the Irish Central Statistics Office (CSO) reporting an 11.7% rise in prices over the past 12 months. Specifically, potato farmers saw a substantial 73.6% increase in output prices during this period.
According to the CSO’s latest agricultural price indices, there was a contrasting trend between input and output prices. The agricultural input price index declined by 12.6% annually, whereas the output price index experienced a slight decrease of 0.2%. Comparing monthly figures, the output price index edged up by 0.5% in April 2024 compared to March 2024, while the input price index decreased by 0.2%.
Significant decreases in specific input costs contributed to this dynamic. Electricity prices dropped by 22.2% year-over-year, and feed prices decreased by 16.8% over the same period, positively influencing the terms of trade for agricultural producers.
The terms of trade, a measure of the rate at which one good or service can be exchanged for another, increased by 0.7% on a monthly basis and by 14.2% annually as of April 2024. This uptick reflects improved profitability and purchasing power for potato and vegetable growers amidst fluctuating market conditions.
