Olive oil, milk and cereals: How did food prices fluctuate in 2024?
In 2024, agricultural prices in the European Union suffered a modest decline, falling by 2% compared to 2023.
This drop in prices followed sharp increases in 2021 and 2022 that occurred due to the COVID-19 pandemic, extreme weather conditions and the Russian occupation of Ukraine.
Despite the increase in olive oil prices in 2024, cereal prices fell by 15%, eggs by 8%, and vegetables and garden products by 2%. The price of pigs and poultry also shrank by 7% and 8% respectively.
According to Eurostat figures, milk prices fell in 16 EU countries in 2024.
The biggest drop was recorded in Finland with a 12% drop in prices, followed by Portugal with 10% and Spain with 8%.
On the other hand, the biggest increase was in Ireland with a 15% increase in prices, followed by Lithuania with 11% and Latvia with 10%.
In terms of production, the cost of seeds and veterinary services increased by 3%.
However, prices for fertilizers and soil improvers fell by 18%, animal feed by 11%, and plant protection products and pesticides by 2%.
After a year in which farmers have regularly protested, the EU Commission has presented an initiative to ensure that they receive fair compensation and are no longer forced to sell products below the cost of production.
The proposed measures include mandatory written contracts requiring buyers to clearly outline key terms such as price, quantity and delivery timelines, taking into account market conditions and cost fluctuations.
The package also introduces a regulation to improve the implementation of the Unfair Trading Practices Directive (UTP), which was adopted five years ago but remains largely unenforced.
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