{"id":1337795,"date":"2024-06-29T09:00:00","date_gmt":"2024-06-29T08:00:00","guid":{"rendered":"https:\/\/www.agriland.ie\/?p=1337795"},"modified":"2024-06-29T12:16:57","modified_gmt":"2024-06-29T11:16:57","slug":"eurostat-eu-agricultural-prices-down-in-q1-2024","status":"publish","type":"post","link":"https:\/\/lightsail.agriland.ie\/farming-news\/eurostat-eu-agricultural-prices-down-in-q1-2024\/","title":{"rendered":"Eurostat: EU agricultural prices down in Q1 2024"},"content":{"rendered":"\n

Agricultural prices in the European Union for both outputs and inputs not related to investment declined in the first quarter (Q1) of 2024, according to the EU’s statistics office, Eurostat<\/a>.<\/p>\n\n\n\n

The data shows that the average price of agricultural outputs fell by 6% in the first quarter of 2024, when compared with the same period in the previous year. <\/p>\n\n\n\n

While the average cost of agricultural inputs, not related to investment, decreased by 11% in the same timeframe.<\/p>\n\n\n\n

Agricultural prices<\/h2>\n\n\n\n

Eurostat noted that there were “sharp increases in agricultural prices during 2021 and the first three quarters of 2022”.<\/p>\n\n\n\n

Following this, the agency said that the pace of growth slowed and prices began to decline.<\/p>\n\n\n\n

“The recent decreases in agricultural output and input costs are in the direction of calmer pre-disruption levels,” it said.<\/p>\n\n\n\n

The data shows that the price changes for outputs in the first three months of this year were “varied and contrasting”.<\/p>\n\n\n\n

Average cereal prices were down by 28% when compared with Q1 2023, milk price dropped 12% and eggs and crops, such as oilseeds, protein crops and sugar beet, fell by 10%.<\/p>\n\n\n\n

Although the price of fresh vegetables was down by 6% in the year up to Q1 2024, the average price of potatoes increased by 22%, and fresh fruit prices were up by 20%.<\/p>\n\n\n\n

Eurostat said that these increases were due in part to the impact of unfavourable weather conditions on harvested quantities.<\/p>\n\n\n\n

When the cost of inputs was examined compared to a year earlier, the sharpest price drops were for fertilisers and soil improvers (-31%), animal feed (-16%) and energy and lubricants (-12%).<\/p>\n\n\n\n

Eurostat<\/h2>\n\n\n\n

Of the 21 EU countries with available data, the majority recorded a fall in agricultural output prices in Q1 2024, compared with the same quarter of 2023. <\/p>\n\n\n\n

The sharpest price declines were in Hungary (-24%), Bulgaria and Romania (-18%), and Slovakia and Czechia (-17%).<\/p>\n\n\n\n

The data shows that agricultural output prices in Ireland dropped by around 6% on Q1 2023 levels.<\/p>\n\n\n\n

Output prices increased in five southern EU countries, the largest increase was in Greece (20%), with more modest increases recorded in Malta and Spain (4%), and Portugal and Cyprus (1%).<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

24 out of 25 EU countries with available data for farm inputs recorded decreases in the first three months of 2024.<\/p>\n\n\n\n

The sharpest rates of decline were in Croatia (-20%), Hungary (-19%), and the Netherlands and Ireland (both down 17%). <\/p>\n\n\n\n

Eurostat said that Portugal was the only EU country to record an increase (2%) in agricultural input prices in the period.<\/p>\n\n\n