New figures from the Central Statistics Office show that the agricultural input price index rose by 39.1% in July compared to the same time last year on the back of higher feed and fertiliser prices as well as surging energy costs.

The CSO figures show that fertiliser prices jumped by 133.8% in the year to July, energy prices rose by 51.3% while feed prices are up 34.2%.

The CSO also said that increases can be seen in the output price sub-indices where the price of milk has risen by 51.1% in the year, while cattle prices have increased by 16%.

Today's CSO figures show that the monthly agricultural output price index is down 1.6% while the input price index is unchanged from June to July.

As a result, the terms of trade for July of this year was down by 1.6%.

It said a more detailed look at the monthly output sub-indices reveals a 6.9% decrease in cattle prices but a 3.7% rise in milk prices.

Meanwhile, the monthly input sub-indices saw growth in feed prices of 2.2% but a reduction in the price of fertilisers - which fell by 2.7% - and energy, which was down 2.8%.

On an annual basis, the CSO said the Agricultural Input Prices Index is up 39.1% while the Output Price Index is up 28.4%.

The resulting annual change in the terms of trade was down 7.7%, it added.