Dairy farmers saw the price they were paid for milk produced over the 12 months to October 2024 increase by 46.6%, according to a new report released today (Friday, December 13) by the Central Statistics Office (CSO).
The latest Agricultural Price Indices report, published by the CSO, shows that some farmers were paid significantly more for their produce in the year to October 2024 while at the same time input prices also dropped.
The CSO indices report sets out national trends in prices paid to farmers for their produce and in prices paid by farmers for purchases of goods and services.
Dr. Nele van der Wielen, statistician in the CSO agriculture division, said: “From September 2024 to October 2024, the monthly agricultural output price index increased marginally by 0.6%, while the input price index decreased by 0.5%.
“On an annual basis, the agricultural output price index rose by 22.1%, and the input price index fell by 6.9%.”
Farmers
The most significant increases in output price recorded in the 12 months to October were in milk which rose by 46.6%, sheep prices – which were up 18.2% – and cattle where prices rose by 12.5% while calves were up 7.2%.
The agricultural outprice index in the 12 months to October 2024 also shows that “animal output” prices overall rose by 25.6%.
But over the same timeframe the price paid to farmers for vegetables fell back by 1.9% and the price paid to pig farmers also dropped by 1.0%.
The price paid to poultry farmers for eggs declined by 0.5% according to the CSO.
The latest CSO report also highlights that there were “substantial reductions” in some Input costs chiefly when it came to electricity, which fell by 16.1%, feeding stuffs, where costs were down 9.8% and fertilisers which recorded a price drop of 9.8%.
Meanwhile on a monthly basis, the agricultural input price index for October 2024 fell slightly by 0.5% when compared with September 2024.
The CSO also detailed today that the monthly terms of trade rose by 1.1% in October 2024 when compared with the previous month while the annual terms of trade increased by 31.1% when compared with October 2023.