The price of fertiliser and “soil improver” products fell by 23% in the second quarter of the year according to Eurostat.
The price of animal “feeding stuffs” also fell by 5% over the same timeframe.
But the statistical authority highlighted that at the same time, there was an “acute slowdown” in agricultural output price rises over the second quarter (Q2) of 2023.
According to a new report published by Eurostat today (Tuesday, September 26), between Q2 2022 and Q2 2023, the average EU price of agricultural products as a whole increased by 2%.
But compared with the previous quarter – when the average price increased by 17% year-on-year – this represented a dramatically lower rate of increase.
Analysis of output prices highlighted that the sharpest rises in Q2 were for citrus fruits – which increased by an average 89% – olive oil by 48% and potatoes by 38%.
According to Eurostat these price rises “largely reflected drought-affected volumes”.
But there were other strong output price increases for eggs, which rose by 31% and pigs, by 28%.
However, the output price of cereals decreased by 31%, while milk also fell by 2%, but poultry output prices remained more stable increasing by just 4%.
Eurostat has indicated that its latest research suggests “a further settling down of global agricultural markets after a period of disruption” which had been characterised by strong agricultural output and input price growth.
The agricultural price indices data published today by Eurostat also shows that 17 out of 27 EU countries continued to experience price increases in agricultural products in the second quarter of 2023 compared with the second quarter of 2022.
“The fastest rates of increase were recorded in Portugal (22%), Greece (21%) and Spain (16%) – countries that experienced drought conditions,” it said.
In contrast, Eurostat said that prices fell in Lithuania by 26% and Estonia by 15%.