Farm input and output prices – key drivers of food price inflation – both fell significantly in the year to July, new data from the Central Statistics Office shows.
The indices monitor trends in prices paid to farmers for their produce and in prices paid by farmers for purchases of goods and services. Both sets of figures feed into the wider picture of fluctuating prices across the economy.
The Agricultural Output Price Index – often seen as a proxy for food prices – fell by 12 per cent in the year to July. Meanwhile, the input index – the prices paid by farmers for purchases of goods and service – was down by 11.5 per cent.
The most significant output price decreases in the year were in milk (-34.7 per cent), cattle (-2.5 per cent), and sheep prices (-2.3 per cent), while there were increases in cereals (47.5 per cent), potatoes (17.1 per cent), pigs (16.5 per cent) and egg prices (14.2 per cent).
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Over the 12 months to July, significant Input price drops were recorded in fertiliser (-44.2 per cent) and motor fuel prices (-26.7 per cent), while electricity prices were up by 31.9 per cent.
The annual terms of trade was down by 0.6 per cent when compared with July 2022.
On a monthly basis, the Agricultural Output Price Index decreased by 3.5 per cent when compared with June. The Agricultural Input Price Index was down by 1 per cent in comparison with June.
The monthly terms of trade decreased by 2.5 per cent in July when compared with the previous month.
