Agricultural Prices Down In March And Year

Prices for all outputs rose by 0.6% and the prices of all inputs was unchanged for March 2014. Prices are lower than the same last year. The price for all outputs was 6.9% lower than the same time year. The price for all inputs was 4.5% lower than the same time last year.

Crop prices are down slightly compared with last year. The poor harvest may have been to blame. Some crop prices are significantly down on last year: potatoes down 38%, fresh fruit down 23%, oilseed rape down 22% and cereals down 22%.

Strong demand for top quality fresh fruit led to a price rise of 7.7% in March. Cereals prices increased by 1.2% due to concerns over the future supply of cereals due to the political situation in the Crimea. An increase in global demand for oilseed rape and decrease in supply led to a price rise of 2.3% in March.

Sheep and lamb prices increased by 9.3% in March as supplies decreased pushing up prices. Lower levels of production of mutton and lamb than last year, down 1.8%, resulted in prices 8.7% higher than last year.

On the inputs side, energy and lubricant prices were 2.5% lower in March and 4% lower than last year. Feed prices increased by 0.5% but remain 12% down on last year. Straights rose by 2% due to increased cereal prices while compounds stayed the same.

The price of fertiliser rose by 0.4% in March but is still 8.2% lower than last year. Prices remain steady because most of the spring fertiliser market was already ordered.

Production Down In February

The index of production fell by 0.1% in February 2010. The index of manufacturing increased by 1.4%, the mining and quarrying index fell by 7.6% and the energy supply industries index 2.6% according to the latest statistics from the ONS.

The production index increased in 8 of the 13 manufacturing sub-sectors and fell in 5 sub-sectors. The transport equipment sub-sector increased the most with an increase of 16.9% over the year within which the manufacture of motor vehicles increased 51.6% and the manufacture of aircraft and spacecraft went up 12%. Food, drink and tobacco increased by 2.8% within which meat and meat products increased by 16.3% and the processing and preservation of fish, fruit and vegetables by 16.5%. The largest contributor to the year on year increase in the manufacturing index of 1.4% was transport equipment with 1.8%. The food, drink and tobacco industries increased by 0.4%.

The mining and quarrying index fell by 7.6% in February 2010 compared with February 2009. Oil and gas extraction decreased by 8.9% and coal by 16.9%. Over the year there was an 8.1% decrease in oil and gas extraction that contributed to the 7.6% year on year decrease.

Electricity supply output decreased by 7.5% contributing to the overall 2.6% fall in output in electricity, gas and water supply. Consumer durables and capital goods reported increases of 0.6% and 6.2% respectively in February.

Manufacturing Increases Again This Month

Manufacturing output has increased by 0.2 per cent in the last three months compared to the previous three months. The increase in output between June and July was by 0.9 per cent. The ONS index for manufacturing in July was 89.6.

The most significant rises were in wood and wood products at 8.4%, transport equipment at 6.9% and rubber and plastic products at 3.9%. There were also increases in food and drink and non-metallic mineral products. The biggest fallers were machinery and equipment at -2.7%, electrical and optical equipment at -1.9%, basic metals and metal products at -1.5% and pulp, paper, printing and publishing at -1.1%.

Output of consumer durables rose by 1.9% but consumer non-durables fell by 0.6% over the quarter. Output of capital goods rose by 0.5% and intermediate goods and energy industries were unchanged. Figures are from ONS Index for Production.