Halt in sharp agricultural price rises in 2023

First estimates of agricultural price indices for 2023 indicate a shift from the sharp price increases that characterised 2021 and 2022. In 2023, the average price of agricultural goods as a whole (output) in the EU increased by 2% compared to the previous year, while the average price of goods and services currently consumed in agriculture (inputs) decreased by 5%.

The modest overall increase in the price of agricultural goods as a whole reflects contrasts between individual products. While significant price increases were recorded for olive oil (54%), potatoes including seed potatoes (23%), pigs (22%) and eggs (20%), a substantial decrease (26%) was recorded for cereals (an aggregate that covers wheat, barley, maize, rye and oats as well as other types of cereal).

Among inputs not related to investment, the average price of fertilisers and soil improvers declined 23% and that of energy lubricants decreased 12%. On the other hand, the average price of plant protection products and pesticides rose 9%, as did seeds and planting stock.

This information comes from data on agriculture published by Eurostat today. 

Source datasets: apri_pi15_ina and apri_pi15_outa

Prices of potatoes increased in 24 EU countries

A widespread drought in 2023 impacted the production levels of a number of crops including potatoes. This in turn influenced prices, that of potatoes rising in 24 of the EU countries. Prices rose fastest in Germany (49%), Slovakia (48%) and Croatia (44%). Decreases were recorded in three countries: Belgium (-18%), Cyprus (-14%) and Austria (-4%).

Source dataset: apri_pi15_outa

Prices of fertilisers dropped in most EU countries

Prices of fertilisers in 2023 were lower than in 2022 in 22 EU countries (out of 26 with available data). Prices dropped fastest in Luxembourg (-46%), Sweden (-41%) and Finland (-39%). In contrast, prices were higher in Cyprus (14%), Malta (9%), Greece (6%) and Romania (3%).

Source dataset: apri_pi15_ina