Agricultural output prices have risen by 21.9% in the 12 months to November 2024, with the most significant increase recorded for milk at 41.9%, according to new figures from the Central Statistics Office (CSO).

The Agricultural Output Price Index for November 2024 published today (Tuesday, January 14) was up by 1.9% when compared with October 2024 - this is the recorded price of agricultural produce sold by farmers.

Aside from milk prices, some of the other large output prices were recorded, including for sheep which increased by 19.3% and cattle by 15.9%. Meanwhile, potato prices decreased by 7.8% and vegetables decreased by 2.4%.

There was no change in the price of wool in the last 12 months, while the price of eggs increased slightly at 3.1%.

Meanwhile, in the 12 months to November 2024, the Agricultural Input Price Index dropped by 5.7%, however on a monthly basis, the index rose marginally by 0.5% when compared with October 2024.

The agricultural input price indices, are designed to measure trends in the price of farm inputs purchased for current consumption (non-capital materials and services).

The most significant reductions in input prices included a decrease in the price of fertilisers by 9.4%, and a decrease in feed prices by 8.6%.

There was also a decrease in electricity prices by 8.3%, while plant protection products rose by 4.8%.

Commenting on the new figures, statistician in the agriculture division at the CSO, Dr. Nele van der Wielen said: "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 rose by 1.4% in November 2024 when compared with the previous month. The annual Terms of Trade increased by 29.3% when compared with November 2023.