In the second quarter of 2024, agricultural prices in the EU continued declining both in agricultural output prices and in input prices paid by producers, while Cyprus was one of the few countries where agricultural output prices continued increasing despite the decrease in input prices, according to data on agricultural price indices published by Eurostat.

During the second quarter of 2024, the average price of agricultural output in the EU fell by 3% in the second quarter of 2024 compared with the same quarter in 2023, while the average price of goods and services currently consumed in agriculture (such as energy, fertilisers or feeding stuffs), inputs not related to investment, decreased by 7%. These declines were, nevertheless, slightly less sharp than in the previous two quarters.

Output prices recorded a 3% increase during the second quarter of 2024 compared to the same quarter last year, being one of the eight countries where there was a rise in prices. During the same period, the average price of inputs decreased by 9%.

At the national level, most of the EU countries (17 out of 25 with available data) registered a decrease in agricultural output prices in the second quarter of 2024, compared with the same quarter of 2023. The sharpest price declines were in Hungary (-13%), Poland (-12%) and Czechia (-10%).

By contrast, the highest increases were recorded in Greece (+8%), Latvia (+4%), Cyprus and Ireland (+3%).

Regarding inputs not related to investment, all the EU countries with available data recorded decreases in the second quarter of 2024, compared with the second quarter of 2023. The sharpest rates of decline were in Croatia (-14%), Hungary, Spain and Slovakia (-11% each).

At EU level, after a period of sharp increases in agricultural prices during 2021 and the first 3 quarters of 2022, the speed of growth slowed and prices eventually started to decline. The recent decreases in agricultural output and input costs are in the direction of calmer pre-2021 levels.

In Cyprus, the increase in output prices started slowing down during the second quarter of 2023, after the EU average did the same, while the increase in input prices started slowing down after the third quarter of 2022 and began dropping during the second quarter of 2023.

A closer look at the data for the EU shows contrasting price trends for agricultural outputs in the second quarter of 2024 compared with the same quarter of 2023. Large declines were recorded in the prices of eggs (-15%), cereals (-14%) and forage plants (-13%). By contrast, supply-side shortages led to continued prices increases in olive oil (+41%) and potatoes (+10%).

In general, prices of fruit and vegetables changed modestly (+3% as a whole for fruit and -1% for vegetables, respectively), although there were notable contrasts for specific products. Within the category of fruit, the sharpest decline compared with the same period in 2023 was for lemons and limes (-48%), the sharpest increase being for fruit from subtropical and tropical climates (+51%). For vegetables, there were steep falls in the prices of onions (-46%) and tomatoes (-27%), which contrasted with sharp rises for fresh pulses (+39%) and cauliflowers (+35%).

Among inputs not related to investment, the steepest price declines were recorded for fertilisers and soil improvers (-19%) and animal feed (-13%).