A change from sharp increases: Outlook on agricultural products and inputs

 For 2023 In the EU agricultural landscape reveal a different approach from the steep increases seen in 2021 and 2022. The average price of agricultural goods as a whole saw a modest increase of 2%, while the average price of goods and services consumed in agriculture fell by 5%.

This overall increase masks diverse trends among specific products. Significant increases were recorded in the prices of olive oil (54%), potatoes including seed potatoes (23%), pigs (22%) and eggs (20%). In contrast, there was a significant decrease of 26% for cereals, comprising wheat, barley, maize, rye and oats, as well as other cereals, shows  first estimates published by Eurostat

Looking at non-investment related inputs, the average price of fertilisers and soil improvers recorded a decrease of 23%, while the price of energy lubricants fell by 12%. On the other hand, the average price of plant protection products and pesticides, as well as seeds and planting material, increased by 9%.

Additional insights:

1. Rising potato prices during drought:

A widespread drought in 2023 affected production levels of several crops, including potatoes.

Potato prices rose in 24 EU countries, with notable increases in Germany (49%), Slovakia (48%) and Croatia (44%).

Declines were recorded in three countries: Belgium (-18%), Cyprus (-14%) and Austria (-4%).

2. Fertiliser prices down in most EU countries:

• Fertiliser prices in 2023 were lower than in 2022 in 22 EU countries (out of 26 with available data).
• The biggest decreases were in Luxembourg (-46%), Sweden (-41%) and Finland (-39%).
• In contrast, prices rose in Cyprus (14%), Malta (9%), Greece (6%) and Romania (3%).