What EU country saw the biggest decline in agricultural output prices in Q1 2024?

Hungary reported a 24% decline in agricultural output prices in the first quarter of 2024, new data from Eurostat has shown.

According to the data, most EU countries – 21 out of 25 for which data was available – reported a decrease in agricultural output prices in the quarter, compared with the corresponding period a year earlier.

As well as Hungary, Bulgaria and Romania (both -18%), and Slovakia and Czechia (both -17%), saw notable decreases.

Price increases were recorded in five EU countries, all located in the Mediterranean region – Greece reported a 20% rise, while Malta and Spain (+4%) and Portugal and Cyprus (+1%) recorded more modest increases.

On average across the European Union, the price of agricultural output declined by 6% in the first quarter of the year, compared with 2023, while the average price of goods and services currently consumed in agriculture decreased by 11%, Eurostat noted.

Disruption in agricultural prices

This follows on from a period of disruption, with notable increases in agricultural prices during 2021 and the first three quarters of 2022, before prices started to decline once more.

‘The recent decreases in agricultural output and input costs are in the direction of calmer pre-disruption levels,’ Eurostat said.

In terms of inputs not related to investment, meanwhile, such as energy, fertilisers, or feedstuffs, data from the first quarter of 2024 showed notable decreases across most EU countries compared to the same period in 2023.

Out of 25 EU countries with available data, 24 reported declines. The most significant decreases were observed in Croatia (-20%), Hungary (-19%), and the Netherlands and Ireland (both -17%). Portugal was the sole EU country to experience an increase during this period, recording a rise of 2%.