Vegetables and olive oil at the top of inflation/ Agricultural product costs increased by 4.8% in 2024
In 2024, the annual agricultural product price index reached 149.6 from 142.8 in 2023, marking an increase of 4.8%. The largest increase was recorded in plant products, with an annual average of 9.1%, while livestock products recorded a much more moderate increase of only 0.4%.
Within the group of plant products, vegetables have been the absolute champions of inflation, with an increase of 21.6%. Meanwhile, olive oil with an increase of 11.3% compared to 2023.
However, not all categories have followed this trend. Cereals and citrus fruits saw significant decreases in production costs, by 15.4% and 12.2%, respectively, indicating a recovery in supply or a change in demand.
As for fruit products, the growth was softer, at 4.3%, while fruits became more expensive by 6.1% and grapes by 3.7%. Olive production costs have had a steady increase of 5.0%, while wine, a processed agricultural product, has followed a softer trend of only 2.4%.
In the livestock sector, prices remained almost unchanged. The highest increases were recorded for cattle (2.9%), small animals (3.1%) and honey (2.6%). On the other hand, there were also price decreases, with pig raising costs falling by 3.0%, while cow's milk and milk in general fell by about 1%.
The data confirms that 2024 has brought different challenges for farmers and consumers, with high prices depending on the agricultural crops or types of livestock production. This reflects the impact of multiple factors such as climatic conditions, production costs and market dynamics.
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