Annual fertilizer prices rose 177.8% in the year to April 2022, figures released by the Central Statistics Office (CSO) today showed.
The price spike comes as costs to farmers rise due to global supply chain issues and Russia’s invasion of Ukraine.
Rising input costs are causing problems for farmers as the agricultural input price index increased by 39.6% in the year from April 2021.
The CSO said the Producer Price Index – which measures the prices of agricultural products – rose 24% on an annual basis.
However, there was a drop in the annual terms of trade which fell by 11.2% compared to April 2021.
The increases in input prices are also seen in rising energy prices, which rose by 43%. Feed prices also increased by 27.3% during the year.
Farm input price index shows fertilizer prices up 177.8% year-on-year to April 2022https://t.co/NDywL9USeC #CSOIreland #Ireland #Agriculture #Agribusiness #Agriculture #Prices #AgPrices #Cattle #Cattle #Sheep #Pigs #Dairy #Labour #Harvests #Agronomy #AgricultureCensus pic.twitter.com/fwTq1veabK
— Central Statistics Office of Ireland (@CSOIreland) June 14, 2022
The rise in agricultural prices comes as the consumer price index hit 7.8% in April, the highest inflation rate in Ireland for 38 years.
The agricultural input price index also increased by almost 5%, on a monthly basis. While the agricultural producer price index increased by just over 5% compared to March 2022.
Monthly agricultural output price indices increased by 5.1% and input price indices increased by 4.8% through April 2022 compared to the previous month.
The production sub-indices showed an increase in pork prices and milk prices, up 16.7% and 6.6% respectively on a monthly basis.
At the same time, there was also a monthly increase in fertilizer prices, up 16.1%, as well as an increase in animal feed prices, up 5.3% from the previous month.
Anthony Dawson, Statistician, CSO said: “Today’s release details price indices for April 2022. The most significant change is in the price of fertilizers where the price index rose 16.1% over the during the month of March 2022 and increased by 177.8% in the year from April 2021.
“This upward trend in input prices can also be seen in energy and feed prices, which increased by 43% and 27.3% respectively over the year.
“Increases can also be seen in the producer price sub-indices where the monthly price of milk increased by 6.6% during the month of March 2022 and increased by almost 40% on the year, while livestock prices have increased by nearly 21% per year,” he added.