In the second quarter of 2024, agricultural prices in the EU declined for both outputs and inputs not related to investment. The average price of agricultural output fell by 3% in the second quarter of 2024 compared with the same quarter in 2023.
During this period, the average price of goods and services currently consumed in agriculture (inputs not related to investment, such as energy, fertilisers or feedingstuffs) decreased by 7%. These declines were, nevertheless, slightly less sharp than in the previous two quarters.
After a period of sharp increases in agricultural prices during 2021 and the first 3 quarters of 2022, the speed of growth slowed and prices eventually started to decline. The recent decreases in agricultural output and input costs are in the direction of calmer pre-2021 levels.
This information comes from data on agricultural price indices published by Eurostat today.
Source datasets: apri_pi20_outq and apri_pi20_inq
A closer look at the data shows contrasting price trends for agricultural outputs in the second quarter of 2024 compared with the same quarter of 2023. Large declines were recorded in the prices of eggs (-15%), cereals (-14%) and forage plants (-13%). By contrast, supply-side shortages led to continued prices increases in olive oil (+41%) and potatoes (+10%).
In general, prices of fruit and vegetables changed modestly (+3% as a whole for fruit and -1% for vegetables, respectively), although there were notable contrasts for specific products. Within the category of fruit, the sharpest decline compared with the same period in 2023 was for lemons and limes (-48%), the sharpest increase being for fruit from subtropical and tropical climates (+51%). For vegetables, there were steep falls in the prices of onions (-46%) and tomatoes (-27%), which contrasted with sharp rises for fresh pulses (+39%) and cauliflowers (+35%).
Among inputs not related to investment, the steepest price declines were recorded for fertilisers and soil improvers (-19%) and animal feedingstuffs (-13%).
Quarterly prices decreasing in most EU countries
At the national level, most of the EU countries (17 out of 25 with available data) registered a decrease in agricultural output prices in the second quarter of 2024, compared with the same quarter of 2023. The sharpest price declines were in Hungary (-13%), Poland (-12%) and Czechia (-10%).
By contrast, the highest increases were recorded in Greece (+8%), Latvia (+4%), Cyprus and Ireland (+3%).
Source datasets: apri_pi20_outq and apri_pi20_inq
Regarding inputs not related to investment, all the EU countries with available data recorded decreases in the second quarter of 2024, compared with the second quarter of 2023. The sharpest rates of decline were in Croatia (-14%), Hungary, Spain and Slovakia (-11% each).
Source: Eurostat
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