Cost of fertiliser and feed prices continue to soar for agriculture industry

The costs being faced in agriculture continue to soar with fertiliser prices up 133.8% compared to last year and energy prices were up by 51.3%, latest figures show. 

The Central Statistics Office (CSO) released Agricultural Price Indices July 2022 also shows feed prices are up 34.2% in the last 12 months.

The price of milk has risen by 51.1% in the year while cattle prices are up by 16% in the past year. 

These increases are reflected in the agricultural input price index which is up by 39.1% in the year from July 2021.

The agricultural output price index is up by 28.4% in the same period.

The annual terms of trade was down 7.7% compared with July 2021.

On a monthly basis, the agricultural input price index showed no change when compared with June 2022.

The agricultural output price index was down 1.6% in the same time period. The monthly terms of trade was down 1.6% in the month of July 202

Commenting on the release, Anthony Dawson, Statistician in the prices division said: "Today's release details agricultural price indices for July 2022. The most notable change is in the price of feeding stuffs, where the price index has increased by 2.2% since June 2022 and by 34.2% in the year from July 2021. This trend of input price increases is also seen in fertiliser and energy prices which are up 133.8% and 51.3% respectively in the year.

"Increases can also be seen in the output price sub-indices where the price of milk has risen by 51.1% in the year, while cattle prices have increased by 16.0% annually.

"More generally, the monthly agricultural output price index is down 1.6% while the input price index is unchanged in the month from June 2022 to July 2022. As a result, the terms of trade for July 2022 was down by 1.6%. A more detailed look at the monthly output sub-indices shows a decrease in cattle prices (-6.9%) but an increase in milk prices (+3.7%), while the monthly input sub-indices saw a growth in feed prices (+2.2%) but a reduction in the price of fertilisers (-2.7%) and energy (-2.8%). 

"Annually, the Agricultural Input Prices Index is up 39.1% while the Output Price Index is up 28.4%. The resulting annual change in the terms of trade was down 7.7%," Mr Dawson said.