Informations Rapides · 29 March 2024 · n° 88

In February 2024, agricultural producer prices fell by 10.1% year on year Indices of agricultural prices - February 2024

In February 2024, agricultural producer prices went down year on year for the eleventh consecutive month (‑10.1% after ‑7.8% in January). These prices were nonetheless still 25.1% above their February 2020 level. Cereal prices and oilseed prices tended to reach the levels they had before the health crisis and the war in Ukraine, while those for animals and animal products (milk and eggs) and for fresh vegetables and fresh fruits were still markedly above their level of four years ago. Over one month, agricultural producer prices “excluding fruits and vegetables (including potatoes), cut flowers and potted plants” fell by 2.2% (after ‑0.6% in January).

In February 2024, agricultural input purchase prices bounced back over one month (+0.6% after ‑0.5% in January), but went down year on year for the tenth consecutive month (‑6.5% after ‑6.4%). They were 25.7% higher than in February 2020.

In February 2024, the fall in cereal prices intensified over one month (‑9.3% after ‑4.3% in January). Prices dropped for maize (‑14.1% after ‑7.9%), due to high production prospects in Argentina and Brazil, and to a recent upward revision of American stocks. They also fell for soft wheat (‑9.3% after ‑3.6%) because of tough competition from Eastern Europe and an upward revision of American stocks. Barley prices fell too (‑7.6% after ‑3.2%). Year on year, cereal prices dropped for the twelfth consecutive month (‑33.6% in February after ‑27.8% in January). They continued to move closer to their level of four years ago (+8.8% compared with February 2020).

Oilseed prices continued to go down over one month in February 2024 (‑3.5% after ‑1.8% in January). Prices for soybean went down substantially (‑10.3% after ‑5.0%). Those for rapeseed fell (‑3.5% after ‑1.8%) in the wake of soybean prices and under the influence of Brazilian competition. Year on year, oilseed prices continued to drop (‑25.5% in February after ‑23.4% in January). They were 11.3% higher than in February 2020.

Fresh vegetable prices fell back year on year: ‑2.5% in February 2024 (after +14.7% in January). Prices fell drastically for cabbages (‑49.6% after +26.7%), salads (‑22.4% after +7.8%), leeks (‑15.3% after +20.7%), tomatoes (‑14.9% after +4.7%) and coloured onions (‑9.2% after +3.9%). Prices slowed down for chicories (+16.3% after +49.7%). In February 2024, fresh vegetable prices were 43.1% above their February 2020 level.

Year on year, fresh fruit prices continued to rise significantly in February 2024 (+5.7% after +7.9% in January). Prices kept on rising substantially for pears (+16.8% after +18.7%). They slowed down for apples (+4.9% after +8.6%) and sped up for nuts (+9.6% after +3.4%). Fresh fruit prices were 19.4% above their February 2020 level.

In February 2024, animal prices were nearly stable over one month (‑0.1% after +1.3% in January). Poultry prices fell back (‑4.5% after +3.0%). The prices for large cattle slowed down (+0.6% after +1.2%), as did those for calves (+0.4% after +1.6%) and sheep (+1.0% after +2.3%). On the other hand, pigs prices sped up (+1.5% after +0.1% in January).

Year on year, animal prices went down in February 2024 for the sixth consecutive month (‑5.6% after ‑3.9% in January). The fall in prices intensified for poultry (‑11.6% after ‑7.4%) and pigs (‑11.2% after ‑5.4%). Prices for large cattle went down moderately (‑2.1% after ‑3.3%). Those for sheep kept rising (+7.6% after +6.9%). In February 2024, animal prices were 32.6% higher than in February 2020.

For the first time since sixth months egg prices fell back over one month in February 2024 (‑6.3% after +2.9% in January). Year on year, they fell for the eighth consecutive month (‑14.5% after ‑8.1% in January). They remained nonetheless well above their February 2020 level (+93.1%).

Prices of milk rose over a month (+0.5% after ‑0.9% in January). Prices for cow milk bounced back partially (+0.5% after ‑1.2%), those for goat milk slowed down (+0.8% after +1.9%). Year on year, milk prices continued to go down (‑5.0% after ‑5.7%). Over four years, they rose substantially (+28.0% compared to their February 2020 level).

In February 2024, the purchase prices of intermediate consumption bounced back over one month (+0.8% after ‑0.3% in January). Prices for energy were back on the rise (+6.1% after ‑0.8%), due to the rise in oil prices and to the depreciation of the exchange rate. They bounced back slightly for fertilizers and soil improvers (+0.5% after ‑1.1%) and for plant protection products (+0.4% after ‑0.6%). Prices went up for veterinary expenses (+1.1% after +0.9%), for seeds (+0.3% after a stability in January) and for the “other goods and services” (+0.2% after +0.1%). They slowed down for the maintenance of materials (+0.2% after +2.2%). Prices were stable for the maintenance of buildings (as in January). The fall in animal food intensified (‑1.2% after ‑0.8%), while it softened for small equipment and tools (‑0.2% after ‑2.2%). Year on year, the purchase prices of intermediate consumption continued to go down (‑8.2% in February 2024 after ‑8.6% in January). They were nevertheless 28.4% higher than in February 2020.

In February 2024, the prices of investment goods were nearly stable over one month (‑0.1% after ‑1.2% in January). They fell by 0.7% year on year (after ‑0.1% in January). They were nevertheless 19.0% above their level of four years ago (February 2020).

The year-on-year percentage change of the index of producer prices for agricultural products in January 2024 has been revised upwards by 0.4 percentage points (after rounding) at ‑7.8%, compared to the previous release. The year-on-year percentage change of the index of the purchase prices of inputs for agricultural production in January 2024 has been revised downwards by 0.4 percentage points, at ‑6.5%.