Fertiliser prices were up by 149% year on year to March 2022, according to the Central Statistics Office (CSO). Energy and feed prices increased by 54.9% and 22.6% respectively.
Milk prices are up by more than 32%, while cattle prices are more than 22% higher on an annual basis.
Food price inflation is likely to get worse as higher energy costs continue to impact the economy. An average food basket now costs about EUR 15 more, which means an extra EUR 780 per year.
The war in Ukraine exerts further pressure on food costs. Russia and Ukraine produce approximately 30% of wheat and maize supply as well as farm inputs such as fertiliser.
The cost of living in Ireland continues to surge, with figures reaching a 22-year high. It was 5.6% in February, and 6.7% in March. Meanwhile, prices rose by 7% in the year to April 2022.
According to the CSO, consumer prices rose by 0.9% in the month between March 2022 and April 2022. And the divisions with the largest increases in that period were Clothing & Footwear (+3.9%), Communications (+2.9%), Restaurants & Hotels (+1.7%), and Transport (+1.7%). The largest decrease in the month was seen in Alcoholic Beverages & Tobacco (-0.6%).