Ireland recorded the “sharpest rates of increase” in relation to milk prices in the EU in 2024 in stark contrast to a decline in prices in 16 EU countries, a new Eurostat report showed today (Thursday, December 19).

The sharpest rates of decline were experienced in Finland, where milk prices slumped by 12% and by 10% in Portugal and by 8% in Spain.

Ireland, however was in the opposite position as it saw milk prices soar by 15%, closely followed by Lithuania, where prices also rose by 11% and Latvia where prices increased by 10%.

According to Eurostat early estimates for 2024 indicate that the average price of agricultural goods (output) in the EU dipped by 2% compared with 2023.

At the same time the average price of goods and services consumed in agriculture (inputs) dropped by 6%.

The slide in agricultural prices comes after sharp increases in 2021 and 2022, as well as a more modest rise in 2023.

Eurostat

The latest research published today shows “significant variations” in price fluctuations across the EU in relation to different products.

There were sharp increases in the price for olive oil – which jumped by 30%, while potatoes (including seed potatoes) rose by 12% and certain fruit prices also increased by 7%.

According to Eurostat there was also slight rises for cattle prices in the EU – which rose on average by 2% and milk which increased by 1%.

However there were price declines for cereals, which fell back by 15%, eggs which dropped by 8% and prices for pigs which dipped by 7%.

Poultry prices in the EU did not fare any better, falling by 6% while vegetables and horticultural products also declined by 2%.

Separately Eurostat also found that in relation to goods and services “consumed in agriculture”, there were moderate increases in the price of seeds and planting stock, as well as veterinary expenses – which both increased by 3% each.

But prices also fell sharply for fertilisers and soil improvers – down an estimated 18% – while feedingstuffs also fell by 11%.

In addition the cost of energy lubricants declined by 8% and there was also a slight fall in the price of both plant protection products and pesticides, which fell back by 2%.

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