The prices at which farmers sell their products in Greece started to decrease in the fourth quarter of 2023, following a prolonged period of large increases, with a significant delay compared to the Eurozone, where they had started to decrease significantly since the third quarter of 2023.
However, they continued increases in basic products for Greek consumers, such as olive oil, fruits and vegetables, which help keep food and inflation accurate.
According to ELSTAT data, producer prices (general index of output prices in Agriculture – Livestock) increased in November by 3.8% on an annual basis, while compared to October they decreased by 0.4%. In October they had increased by 1.9% on an annual basis and had decreased by 2.7% on a monthly basis.
72.4% increase in the price of olive oil
Olive oil prices however, they continued to climb from their astronomical levels in November were up 72.4% year-on-year and 1.4% compared to October. High producer prices weighed on the price at which oil is sold in supermarkets, which in December was 58.5% higher year-on-year, based on the consumer price index.
Producer prices for fruit rose 12.3% in November on an annual basis and by 2% compared to October, while in retail their prices were increased by 15% in December. The prices of vegetables and horticulture were increased by 14.9%, but decreased by 6.9% on a monthly basis. Their retail price in December was up 14% year-on-year.
28.5% reduction in cereal prices
They contributed decisively to the slowdown in the producer price index in November cereal prices fell 28.5% year-on-year and 3.8% month-on-month. Prices for potatoes remained roughly at the same levels compared to both a year ago and a month ago, while prices for meat and animal products decreased on a monthly basis (2.8% and 0.5% , respectively) but were higher in annual comparison (6.3% and 1.5%).
Reduction in production costs
While field prices rose, farmers’ production costs (Input Price Index to Agriculture – Livestock) fell in November by 5.2% year-on-year and by 1% on a monthly basis.
The biggest decreases were recorded in prices for energy-fuels (10.6%), fertilizers (15.2%) and animal feed (8.7%).
Source: Daily
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