Higher prices and increased use of feed and fertiliser cost farmers an extra €425m last year, according to CSO figures.

The cost of feed rose by 26.8% or €356.5m last year. Total fertiliser costs increased by 13.5% or €69.1m. Energy costs – including diesel and electricity – rose by €34m (8.8%). The higher feed and fertiliser costs were the main reason farm profits fell by 16% last year.

Overall farm payments fell by €555m in 2018.

Cattle farmers were worst hit by lower cattle prices and cattle sold, losing €100m.

Pig and dairy farmers produced more, but lower prices resulted in less money coming into their farms. A recovery in grain prices helped tillage farmers bring in slightly more money, despite a fall in volumes harvested.

Sheep farmers saw both production and prices increase, leading to a 17.4% jump in output value, worth €46m.