Fertiliser prices in Ireland have come down by 45 per cent in the past year while feed and energy prices were also lower, easing cost pressures on farmers, Central Statistics Office (CSO) figures show.
The agency’s agricultural input price index for February was down by 15.1 per cent in year on year terms.
The most significant reductions in input prices were recorded for fertiliser (-45 per cent), feed (-14.9 per cent) and energy (-3.9 per cent), the CSO said.
Fertiliser prices spiked in the wake of Russia’s invasion of Ukraine and the subsequent jump in the cost of natural gas, a key element for most nitrogen-based fertilisers.
Falling input prices have prompted a similar decline in output prices, which typically impact food prices for consumers.
The CSO’s agricultural output price index was down by 7.6 per cent in the 12 months to February.
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The most significant output price decreases were in cereals (-31.6 per cent), milk (-16.6 per cent), and poultry (-3.5 per cent). There were, however, increases in potatoes (+75.5 per cent), sheep (+18.4 per cent) and vegetables (+13.1 per cent).
On a monthly basis, the output price Index for February rose by 2.3 per cent. The most significant monthly change was in the price of milk, which increased by 6 per cent.
