23 December 2024

2 minute read

By: Global Ag Media

Early estimates for 2024 indicate that the average price of agricultural goods (output) in the EU decreased by 2% compared with 2023, while the average price of goods and services consumed in agriculture (inputs) dropped by 6%, according to a recent market report from the European Commission. 

This decline in agricultural prices follows sharp increases in 2021 and 2022, as well as a modest rise in 2023.

There were significant variations in price developments between individual goods in 2024. There were sharp increases for olive oil (+30%), potatoes (including seed potatoes) (+12%) and fruit (+7%), as well as slight rises for cattle (+2%) and milk (+1%). By contrast, there were declines for cereals (-15%), eggs (-8%), pigs (-7%), poultry (-6%) and vegetables and horticultural products (-2%).

Among goods and services consumed in agriculture, there were moderate increases in the price of seeds and planting stock, as well as veterinary expenses (+3% each). However, prices fell sharply for fertilisers and soil improvers (-18%), feeding stuffs (-11%), and energy lubricants (-8%), with a smaller rate of decline for both plant protection products and pesticides (-2%).

This information comes from data on agricultural price indices published by Eurostat. 

Milk prices decreased in 16 EU countries in 2024

Milk prices in 2024 were lower than in 2023 in 16 EU countries. The sharpest rates of decline were in Finland (-12%), Portugal (-10%) and Spain (-8%). On the other side, the sharpest rates of increase were in Ireland (+15%), Lithuania (+11%) and Latvia (+10%).