Both agricultural output and input prices in the EU decreased in the second quarter (Q2) of 2024, according to the EU’s statistics agency Eurostat.
The average price of agricultural output fell by 3% in Q2, compared to the same quarter of 2023.
During that period, the average price of goods and services currently consumed in agriculture (inputs) decreased by 7%. These decreases were slightly less sharp than in the two previous quarters, Eurostat said.
The inputs included in Eurostat’s figures are for costs not related to investment, so cover costs like energy, fertilisers, and feedingstuffs.
Ireland was one of only seven EU member states to record an increase in agricultural output prices in the quarter, and also recorded one of the largest decreases in input prices.
After a period of sharp increases in agricultural prices during 2021 and the first three quarters of 2022, the speed of that 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, according to Eurostat.
The data shows contrasting price trends for agricultural outputs in the second quarter of 2024, compared with the same quarter of 2023.
Large decreases were reported in the prices of eggs, cereals, and forage plants, which saw decreases of 15%, 14% and 13% respectively.
On the other hand, supply-side shortages led to continued price increases in olive oil – which saw a considerable increase of 41% – and potatoes, which increased by 10%.
Prices of fruit and vegetables changed modesty in general, with fruit increasing by 3% and vegetables decreasing by 1%.
However, there were some notable contrasts for specific products within the fruit and vegetable categories.
Within the category of fruit, the sharpest decrease compared to the same period in 2023 was for lemons and limes (down 48%), the sharpest decreases being for fruit from subtropical and tropical climates.
For vegetables, there were steep falls in the price of onions (down 46%) and tomatoes (down 27%), which contrasted with sharp rises for fresh pulses (up 39%) and cauliflowers (up 35%).
On the inputs side, the steepest price declines were recorded for fertilisers and soil improvers (down 19%) and for animal feedingstuffs (down 13%).
At the national level, 17 out of 25 member states for which data was available (Italy and Sweden are not included) registered a decrease in agricultural output prices. One member state (Portugal) did not record an increase or decrease, while seven, including Ireland, saw increases.
The sharpest output price decreases were for Hungary (down 13%), Poland (down 12%) and Czechia (down 10%).
On the flip side, the highest increases were recorded for Greece (up 8%), Latvia (up 4%), and Cyprus and Ireland (up 3% each).
On the national picture for inputs, all EU countries for which data was available saw decreases in Q2 compared to the same quarter of 2023.
The sharpest decreases were for Croatia (down 14%), followed by Hungary, Spain and Slovakia (down 11%), with Ireland down around 10%.