Factory gate prices for dairy up by 12% over past year
CSO data shows industrial producer prices for dairy and beverages rose over the past year, yet bread and confectionery producers saw price drops
Print21 March 2014
Factory gate prices for dairy have risen by 12.1% on an annual basis, the latest ‘Industrial Producer Price Indices’ data from the Central Statistics Office (CSO) shows. This was the most significant rise recorded across all industries over the past year.
While factory prices increased, farmers have likewise reported milk prices improved in 2013, compared to 2012. However farmers voiced concerns that they were still playing catch up with input costs. Input inflation has reportedly affected farmers’ feed, fertiliser, diesel and electricity costs, which has hurt farm margins.
Industrial producer prices for beverages also increased by +4.5% on an annual basis. However decreases occurred for other food products, including bread and confectionery which fell by -5.7%.
Overall, within all industries, monthly factory gate prices decreased by 0.2% in February 2014. This compares to no change recorded for February of last year. As a result, the annual percentage change showed a decrease of 1.7% in February 2014, compared with a decrease of 1.5% in the year to January 2014.
Meanwhile, the price of energy products decreased by 4.5% in the year since February 2013, while petroleum fuels decreased by 4.2%. In February 2014, the monthly price index for energy products decreased by 8.0%, while petroleum fuels increased by 1.5%.
The CSO also published the latest ‘Goods Exports and Imports’ index earlier this week. Preliminary figures for January 2014 indicate a decrease in seasonally adjusted exports of €479 million (-6%) to €7,217 million from December 2013. Seasonally adjusted imports decreased by €166 million (-4%) to €4,119 million resulting in a 9% decrease in the seasonally adjusted trade surplus to €3,098 million.
Comparing January 2014 with January 2013, the value of exports increased by €302 million (+4%) to €7,031 million. The main drivers were increases of €223 million (+6%) in the exports of chemicals and related products and €59 million (+9%) in the exports of food and live animals.
On an overall basis the EU accounted for €3,806 million (54%) of total exports in January 2014. The USA was the main non-EU destination accounting for 23% (€1,635m) of total exports in January 2014.
Comparing January 2014 with January 2013, the value of imports rose by €86 million (+2%) to €4,528 million. Imports of petroleum products and related materials increased by €137 million (+42%) and chemicals and related products increased by €62 million (+7%). The EU accounted for 64% of the value of imports in January 2014, with 33% coming from Great Britain. The USA (9%) and China (6%) were the main non-EU sources of imports.
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