New figures from the Central Statistics Office that annual Output Price Indices fell by 8.2% when compared with 2022, with a big fall in milk prices noted.
Output prices are what farmers are paid for their produce.
Today's CSO figures show that output prices for milk and sheep prices were down 27.5% and 1.7% respectively in 2023 when compared with 2022, while output prices for pigs and potatoes both rose by 19.1%. Output prices for eggs were up 15.1%, and for cattle by 3.4%.
Meanwhile, the Agricultural Input Price Index fell by 5.5% last year, today's CSO figures show. Input prices are the expenses farmers face in the industry.
Annual input price indices decreases were recorded in fertiliser, which fell by 31%, while energy was down 3.5% in 2023 when compared with 2022.
The most notable annual increases were in plant protection products, which rose by 8.8%, seeds were up 7% and veterinary expenses increased by 6.1%, the CSO noted.
On a monthly basis, the CSO said the Agricultural Output Price Index for December rose by 3.3% when compared with November 2023.
The figures show monthly growth in cattle prices of 5.1% while milk prices were 5% higher. But there was a fall in pig prices - down 2.5% - compared with November 2023.
And the Agriculture Input Price Index fell slightly in December - down by 0.7% - compared with November 2023, with monthly drops in energy of 3.3% and feeding stuff prices of 0.9%.
The CSO said that comparing December 2023 with December 2022, the Agricultural Output Price Index was down 18.2%, while the Input Price Index declined by 15.9%. This resulted in a drop of 2.9% in the annual terms of trade.
