Farm input prices increased by 15.7 per cent between October 2021 and October the previous year, according to new figures released by the Central Statistics Office.
Between September 2021 and October 2021 fertilisers prices went up by nearly 16 per cent and in the space of 12 months have increased by 52 per cent.
Motor fuel prices have increased by 36 per cent, electricity up 15 per cent and feed costs up by 14 per cent during the same period between October 2020 and October 2021.
President of the Irish Creamery Milk Suppliers’ Association (ICMSA) Pat McCormack said price inflation is “completely eroding” out price improvements.
Mr McCormack has warned that further “astronomic” costs in 2022 are “already in the pipeline.
“They need to examine the options available either to immediately decrease input to realistic levels, raise output prices to compensate for input cost increases or else provide support through direct support or the taxation system,” he added.
Irish Farmers’ Association liquid milk chairman Keith O’Boyle said the retail price of milk has not reflected the rising input costs.
“If retailers and consumers want a consistent supply of high quality fresh milk throughout the year, they simply will have to pay more for it,” Mr Boyle added.