The latest data published by the Central Statistics Office (CSO) shows a spike in both fuel and fertiliser prices in the year to March 2026.

The Agricultural Input Price Index for March 2026 increased by 4.9% in the month since February 2026.

"This increase has been driven by sharp increases in the price indices for motor fuel (+35.2%) and fertilisers (+12%) and captures the initial impact of the events in the Middle East," Sam Scriven, senior statistician in the CSO's Agriculture Division, said.

Fertiliser

The war in Iran has resulted in the closure of the Strait of Hormuz, one of the world's most critical maritime routes, which has severely impact global supply chains.

Around 20% of global petroleum and roughly one-third of globally traded fertilisers and key agricultural inputs normally pass through the strait.

In the 12 months to March 2026, the CSO Agricultural Input Price Index rose by 5.9%.

Compared with March 2025, there was a 33% increase in the price of motor fuels, fertiliser rose by 17%, and veterinary expenses were up 7%.

The data shows that the cost of feeding stuffs dropped by almost 2% in March 2026, when compared with the same month last year.

CSO

The Agricultural Output Price Index for March 2026 decreased by 12.8% on March 2025 levels and by 1.5% when compared with the previous month.

The most significant output price reductions in the 12 months to March 2026 were in milk (-25.6%), potatoes (-26.2%), pigs (-14%), and cereals (-7.5%).

Prices for cattle, excluding calfs, were down by 3% on March 2025, but the price of calves rose by almost 46%.

The data also shows that poultry prices were up by 5.4% and wool rose by 32%.

The CSO said terms of trade, the ratio between a country’s export prices and its import prices, fell by 6.1% in March 2026 when compared with February 2026.

The terms of trade in March 2026 were also 17.7% lower when compared with March 2025.