Prices paid by Irish beef factories for R3 steers passed the UK last week for the first time since 2011 and are also now higher in EU export markets having lagged behind for several months. Bord Bia figures show that the Irish R3 steer price excluding VAT was €5.26/kg compared with the equivalent of €5.19/kg in the UK with the EU average at €4.98/kg.

The number of cattle processed in factories was also up in the first quarter to 458,000 a 9% increase on the same period last year.

The higher volume and value of beef in 2022 has meant the value of beef exports surged to €591,516 for the first quarter, a 27% increase on 2021.

In Britain, AHDB reports that retail prices for roast beef are 14% higher than this time last year and Kantar figures for quarter ending 15 May show a 13% drop in purchases.