Compared with the same 12 months in 2022, last year's milk price index was down 36.8%, according to the Central Statistics Office (CSO).

While the most significant output price decreases in the 12 months to November 2023 were in milk (-36.8%), cereals also dropped by 31.6%.

Meanwhile, increases were recorded in potatoes (63.2%), vegetables (17.7%), and poultry prices (3.1%).

As well as this, over this period, there were significant reductions in the input prices recorded for fertiliser, which was down 47.1%, while feed was down 12.1% and energy prices were down 11.5%.

Commenting on the release, CSO statistician in the agriculture division Dr Grzegorz Glaczynski said: "On a monthly basis, the agricultural output price index was up by 1.3%, while the agricultural input price index fell by 0.7% when compared with October 2023.

"The output price index continues to recover since the low point in August 2023, while input price index has continued to reduce since November 2022."