Olive oil, milk and cereals: How did food prices fluctuate in 2024?

After food prices soared in 2021 and 2022, over five essential food products saw price drops in 2024, including milk and cereals.

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00:00How did the prices of vegetables, milk and fruits fluctuate in 2024?

00:10In 2024, agriculture prices in the European Union saw a modest decline, falling by 2% compared to

00:182023. This decline in prices followed sharp increases in 2021 and 2022 due to the pandemic,

00:26extreme weather conditions and the Russian invasion of Ukraine. Despite the surge in

00:31olive oil prices in 2024, cereal prices dropped by 15%, eggs fell by 8% and vegetables and

00:40horticultural products declined by 2%. Milk prices have also decreased in 16 EU countries

00:48in 2024. The sharpest rates of decline were recorded in Finland with a 12% drop,

00:54followed by Portugal at 10% and Spain with an 8% decrease. By contrast, the sharpest rates

01:01of increase were in Ireland with 15% rise, Lithuania at 11% and Latvia at 10%. In terms

01:10of production, costs for seeds and veterinary services rose by 3%. However, prices for

01:18fertilizers and soil improvers plummeted by 18%, food for animals by 11%

01:25and plant protection products and pesticides by 2%.