Fertiliser prices increased by 164% in May 2022

Rapidly increasing input costs are resulting in challenges for farmers with energy prices up by 50.5% and feed prices rising by 32.6%. Picture: David Creedon.

Fertiliser prices have risen by 164% on an annual basis to May 2022, according to statistics released by the Central Statistics Office (CSO).

Energy concerns are driving up prices with the agricultural input price index increasing by 41.6% in the year from May 2021.

Farmers have seen significant prices increases this year fuelled by a deteriorating economic environment 

Rapidly increasing input costs are resulting in challenges for farmers with energy prices up by 50.5% and feed prices rising by 32.6%

Farmers are also facing a drop-off in the quantity of trade with the annual terms of trade declining by 9.6% compared to the same month last year.

On a monthly basis during May the agricultural input price index rose by nearly 3% in comparison to the previous month.

The agricultural output price index also recorded an increase of just over 5% from April 2022. 

Agricultural input price index shows feed prices up by 32.6% in the year to May 2022https://t.co/KFQKHZSZ2H #CSOIreland #Ireland #Agriculture #Agribusiness #Farming #Prices #AgPrices #Livestock #Cattle #Sheep #Pigs #Agronomy #CensusofAgriculture pic.twitter.com/XllI0AHl9v

— Central Statistics Office Ireland (@CSOIreland) July 14, 2022

Meanwhile, the monthly terms of trade rose by 2.6% during May 2022.

Output prices have risen on a monthly basis with a 6.7% increase in cattle prices recorded, as well as a 5.6% rise in milk prices.

The figures from the CSO also showed that there was an increase in the monthly input price for energy, which rose by 7.3%. However, there was a slight monthly decline in the price of fertiliser, down 0.9%.

Anthony Dawson, statistician, CSO, said: "Today's release details price indices for May 2022. The most notable change is in the price of feeds where the price index has increased by nearly 6% since April 2022 and by 32.6% in the year from May 2021. This trend of input price increases is also seen in energy and fertiliser prices which are up 50.5% and 164% respectively in the year.

Mr Dawson added: "Increases can also be seen in the output price sub-indices where the monthly price of milk has risen by 5.6% in the month from April 2022 and is up almost 44% in the year while cattle prices are up more than 26% annually."