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

In 2024, agricultural prices in the European Union saw a modest decline, falling by 2% compared to 2023.

This price decline followed sharp increases in 2021 and 2022 that occurred due to the COVID-19 pandemic, extreme weather conditions and Russia’s invasion of Ukraine.

Despite a surge in olive oil prices in 2024, the prices of cereals dropped by 15%, eggs by 8%, and vegetables and horticultural products declined by 2%.

The price of pigs and poultry also shrank by 7% and 8%, respectively.

According to Eurostat figures, milk prices decreased in 16 EU countries in 2024.

The sharpest decline was recorded in Finland with a 12% drop in prices, followed by Portugal with 10% and Spain with 8%.

By contrast, the sharpest increase was in Ireland with a 15% rise in prices, followed by Lithuania with 11% and Latvia with 10%.

In terms of production, the cost of seeds and veterinary services rose by 3%.  

However, prices for fertilisers and soil improvers plummeted by 18%, food for animals by 11%, and plant protection products and pesticides by 2%. 

Commission measures between farmers and buyers

After a year in which farmers have protested regularly, the EU Commission has presented an initiative to ensure they receive fair compensation and are no longer forced to sell products below production costs.

The proposed measures include mandatory written contracts that require 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 enhance enforcement of the Unfair Trading Practices (UTPs) Directive, which was adopted five years ago but remains largely unimplemented.

Video editor • Mert Can Yilmaz