The latest data published by the Central Statistical Office (CSO) shows a significant rise in fuel and fertilizer 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 was driven by sharp increases in the price indices for motor fuel (+35.2%) and fertilizer (+12%), and reflects the initial impact of events in the Middle East,” said Sam Scriven, chief statistician at the CSO Agriculture Division.
Fertilizers
The war in Iran has led to the closure of the Strait of Hormuz, one of the world’s most important sea routes, severely impacting global supply chains.
About 20% of the world’s oil and about a third of globally traded fertilizers and major agricultural inputs usually pass through the strait.
In the 12 months to March 2026, the CSO agricultural input price index rose 5.9%.
Compared to March 2025, there was an increase in motor fuel prices by 33%, fertilizers by 17%, and veterinary expenses by 7%.
Data indicate that the cost of food items decreased by approximately 2% in March 2026 compared to the same month last year.
Civil society organizations
The agricultural production price index for March 2026 decreased by 12.8% from March 2025 levels and by 1.5% compared to the previous month.
The most significant reductions in output prices in the twelve months to March 2026 were milk (-25.6%), potatoes (-26.2%), pigs (-14%), and cereals (-7.5%).
Livestock prices, excluding calves, fell 3% in March 2025, but calf prices rose approximately 46%.
The data also shows that poultry prices rose by 5.4% and wool prices by 32%.
The CSO said that the terms of trade, which is the ratio between the prices of a country’s exports and the prices of its imports, fell by 6.1% in March 2026 compared to February 2026.
The terms of trade in March 2026 also decreased by 17.7% compared to March 2025.
