Feed and fertiliser prices continue to fall but the price at which farmers are selling their goods is rising, according to figures from the Central Statistics Office (CSO).
Feed costs in May were 2.3 per cent lower than the previous month and farmers are now paying 16.2 per cent less on animal feed than at the same time last year, the CSO says.
The same trend is being seen in fertiliser prices, which fell again last month, by 3 per cent, and are now 25.1 per cent lower than in May last year. Falling energy prices, which are a key factor in fertiliser manufacturing costs, played a big part.
Electricity costs for farmers have fallen by more than 20 per cent in the past 12 months, although costs for motor fuels are 15.6 per cent higher.
Romantasy, QuitTok and other words from a dystopia-coded year
Have Ireland’s data centre builders shot themselves in the foot through their own greed?
The old order of globalisation may be collapsing – and bringing Germany with it
Wonderwallets: the cost of everything in 2024, from Oasis tickets to Leinster House bike shelter
All told, input costs were down by 1.4 per cent last month and by 10.4 per cent over the past year. At the same time, output prices – essentially the amount received by farmers for their produce – were up 0.9 per cent in May and by 1.1 per cent since May 2023.
[ Double-digit decline in farming costs and prices in January, says CSOOpens in new window ]
The rise in prices secured for animals (1.1 per cent on the month and 2.3 per cent on the year) was down almost entirely to a strong rise in prices for sheep. Calf prices were sharply higher in May but just 1 per cent ahead on the year. Overall, cattle, pig and poultry prices are down over the 12 months.
Cereal and potato prices are also lower, with a 68.4 per cent fall in the potato output index figure. Egg prices were also down while milk was higher over the period since May 2023.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
