Milk prices up 17% with little change in volumes in 2024 - CSO
The value of milk grew by 16% to €4.1 billion in 2024 due to "little change in volumes", while milk prices rose by 17%, according to the Central Statistics Office (CSO).
The CSO’s preliminary estimate of agricultural operating surplus for 2024 shows an increase of 46% or €1.3 billion to €4.3 billion.
The main reason for this increase was higher prices for most agricultural outputs, most notably for milk.
The data shows that value of agricultural output at basic prices rose by 8% (€928 million) to €12.2 billion in 2024, driven mainly by a 17% increase in milk prices.
Last year, the value of livestock rose by €176 million (4%) to €4.7 billion. The CSO noted that with the exception of pigs, the price of all other livestock increased.
Cattle prices grew by 5%, but this was tempered somewhat by a 3% reduction in volumes resulting in the value rising by €51 million to €3.1 billion.
The price of sheep was up by 18%, but with volumes contracting by 3%, their value rose by 14% to €394 million.
Pig values grew by 6% or €40 million to €708 million driven by a 7% increase in volumes, despite a minor price drop of 1%.
The CSO said that higher volumes saw the value of poultry increase by 2% or €5 million to €228 million.
As final areas, yields and prices are still outstanding for most crops, the current estimate is that their value rose by 5% to €2.6 billion.
Cereals increased by 10% to €378 million, while the price of forage plants was up by 4%, so despite lower volumes, their value grew by 2% to €1.5 billion.
Prices for other crops rose by an average of 6%, and with volumes 3% higher, their value increased by €63 million to €736 million.
The current estimate is that intermediate consumption costs fell by 4% (€274 million) to €7.5 billion.
However, the CSO noted that this estimate is based on incomplete data, with data on many costs still outstanding.
A 29% drop in prices caused the cost of fertilisers to fall by more than a quarter to €601 million.
The price of feeding stuffs decreased by 13% but with higher volumes, their cost was down by 6% to €2.1 billion.
Expenditure on energy an lubricants is estimated to have decreased by €39 million to €605 million due to lower prices in 2024.
Commenting on the data, Mairead Griffin, statistician in Agricultural Accounts and Production Section of the CSO, said:
“This release provides a second estimate of the value of agricultural outputs, inputs, and income for 2024.
"However, when interpreting these results it is important to note that some of the values used to prepare this set of accounts, particularly in relation to input costs, are still provisional and will be revised when we prepare our final estimates in June."
"With milk accounting for one-third of the value of agricultural output at basic prices and cattle a further 25%, changes in the price of these two outputs have a significant impact on agricultural incomes," she added.
