According to Eurostat, in the second quarter of 2024, agricultural prices in the European Union decreased for both outputs and non-investment related inputs. The average price of agricultural production decreased by 3% in the second quarter of 2024 compared to the same quarter of 2023. During this period, the average price of goods and services currently consumed in agriculture (non-investment related inputs, such as energy, fertilizers or feed) decreased by 7%. These decreases were, however, slightly less sharp than in the two previous quarters.

After a period of strong increases in agricultural prices throughout 2021 and the first three quarters of 2022, the pace of growth has slowed and prices have finally started to decline. Recent declines in agricultural production and input costs point to calmer levels ahead of 2021.

A closer look at the data shows contrasting trends in agricultural commodity prices in Q2 2024 compared to the same quarter of 2023. Sharp declines were recorded in the prices of eggs (-15%), cereals (-14%) and fodder plants (-13%). In contrast, supply-side shortages led to continued increases in the prices of olive oil (+41%) and potatoes (+10%).

Overall, fruit and vegetable prices changed little (+3% overall for fruit and -1% for vegetables, respectively), although there were notable contrasts for specific products. Within the fruit category, the sharpest decline compared to the same period in 2023 was for lemons and limes (-48%), while the sharpest increase was for fruits from subtropical and tropical climates (+51%). For vegetables, there were sharp declines in the prices of onions (-46%) and tomatoes (-27%), in contrast to strong increases for fresh legumes (+39%) and cauliflowers (+35%). Among non-investment inputs, the sharpest price declines were recorded for fertilizers and soil improvers (-19%) and animal feed (-13%).

At national level, most EU countries (17 out of 25 with available data) recorded a decrease in agricultural output prices in the second quarter of 2024, compared to the same quarter of 2023. The sharpest price drops were recorded in Hungary (-13%), Poland (-12%) and the Czech Republic (-10%). In contrast, the highest increases were recorded in Greece (+8%), Latvia (+4%), Cyprus and Ireland (+3%).