The Central Statistics Office’s Agricultural Price Indices data for September 2021 shows “significant changes” in prices in Irish agriculture in the last twelve months.
Fertiliser and energy prices have seen the “most significant” change with a 31.3% and 22.2% annual increase in these sub-indices, respectively.
On the output side, there have been annual increases in cattle (16%) and sheep (15.3%), its data shows.
The CSO reported that milk prices are also up on the year at 15.8%.
It outlined that “strong” gains in cattle and milk prices are driving an increase in output price.
The agricultural output price index increased by 2.6% in September 2021 compared with August 2021.
The agricultural input price index increased by 1.4% over the same period. Thus, the resulting terms of trade index was up 1.2% in this period.
On an annual basis, the agricultural input price index increased by 11.9% in September 2021 compared with September 2020.
The agricultural output price index was up by 11.6% in September 2021 compared with September last year.
Summarising the results, Anthony Dawson, statistician, said:
“Today’s Agricultural Price Indices release shows there have been significant price changes on both the input and output sides of agriculture in Ireland in the last 12 months.”
The indices monitor trends in prices paid to farmers for their produce and in prices paid by farmers for purchases of goods and services.
Price rise by 5.1% in the last year to October 2021
Meanwhile, according to the CSO, prices on average, as measured by the CPI, were 5.1% higher in October compared with October 2020.
It said that this is the largest annual change in prices since April 2007 (+5.1%).
The most notable changes in the year were increases in transport (+15.4%), housing, water, electricity, gas & other fuels (+10.8%), communications (+5.0%) and restaurants & hotels (+4.1%).
On the other hand, there was a decrease in clothing & footwear (-2.4%).
Consumer Prices in October, as measured by the CPI, increased by 0.7% in the month.
The CSO said this is the twelfth month in a row that has shown monthly inflation.
During October of last year, prices fell by 0.6% in the month. The most significant monthly price changes were communications (+2.9%) and transport (+2.2%).
There were decreases in furnishings, household equipment & routine household maintenance (-0.8%) and alcoholic beverages & tobacco (-0.7%).
The CSO identified the following as the “main factors” contributing to the annual change
- Transport increased primarily due to higher prices for diesel, petrol and motor cars, an increase in airfares and a rise in the cost of services in respect of personal transport equipment.
- Housing, water, electricity, gas & other fuels rose mainly due to higher rents and mortgage interest repayments and an increase in the cost of home heating oil, electricity and gas.
- Restaurants & hotels increased primarily due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc. and a rise in the cost of hotel accommodation.
- Alcoholic beverages & tobacco rose due to an increase in the cost of tobacco products and higher prices for alcoholic beverages sold in supermarkets and off licences.
- Clothing & footwear fell due to sales for clothing.