The annual agricultural input price index was down by 10% in 2024 in comparison with 2023, according to the Central Statistics Office (CSO).

The decrease was driven by the significant price decrease of 24.2% in fertilisers, and a 17.7% decrease in the price of electricity.

In comparison with 2023, there was a 4.3% increase in plant protection products, and a 4.1% increase in veterinary expenses in 2024.

The annual output price index rose by 7.8% in 2024 in comparison with 2023. The CSO noted that a 16.3% increase in the price of milk contributed to the increase.

The output price for cereals decreased by 21.1%, and industrial and forage prices were down 16.1%. However, the price of potatoes rose by 28%, and the price of sheep rose by 17.6%.

When compared with 2023, the annual terms of trade for 2024 rose by 19.8%

The monthly agricultural input price rose by less than 1% in December 2024 from November, and stood 4.8% lower than in December 2023.

The monthly agricultural output price rose by 1.6% in the month of December 2024, and was up by 20.4% in comparison with December 2023.

The most significant monthly output price increases in the year to December 2024, were in milk (36.5%), sheep (27%), and cattle (15.4%). Decreases were recorded in potatoes (11%), and vegetables (0.4%).

Over the 12 months to December 2024, there were significant reductions in the input price indices for fertilisers (9.1%), electricity (8.3%), and feed (7.8%). However, plant protection products rose by 4.8%.

Statistician in the CSO Agriculture Division, Dr. Nele van der Wielen said: "The release details agricultural price indices for December 2024 and the full year of 2024.

"Annual price indices reflect the mean or average monthly price index over the 12 calendar months of the year."