Send to Kindle
@Pixabay
The European Union's latest agricultural data for the third quarter of 2023 portrays a noticeable downturn in agricultural prices, marking a stark reversal from the prior robust growth trend. Eurostat's statistics highlight a notable decline in prices, particularly in countries specializing in cereal and milk production, such as Bulgaria and Hungary.
According to Eurostat, the average price farmers received for their agricultural products witnessed a substantial 9% drop compared to the same period last year. Additionally, non-investment agricultural input prices plummeted by 11% during this quarter, marking an acceleration in the rate of decline from the preceding quarter of 2023.
The drastic price fluctuations depict a substantial shift from the peak agricultural output prices observed in the third quarter of 2022. Following a period of rapid increase, prices exhibited a significant slowdown and subsequently nosedived by 9% in the third quarter of 2023, underscoring a shift in global agricultural markets towards stabilization.
This decline, however, reveals significant contrasts among specific agricultural products. Cereal prices witnessed a sharp fall of 32%, followed by a considerable 15% drop in milk prices. Conversely, olive oil saw a substantial 73% surge, followed by notable hikes in plant materials (50%), potatoes (48%), and sugar beet (44%).
In terms of agricultural non-investment costs, fertilizers and soil improvers faced a substantial 36% decline, alongside declines in energy and lubricant prices (18%) and animal feed costs (12%).
Notably, Bulgaria and Hungary experienced the most considerable price drops in agricultural products, with Bulgaria facing a substantial 28% decrease and Hungary witnessing a 26% decline compared to the same quarter in 2022. Conversely, southern countries like Greece, Cyprus, and Portugal observed notable price increases, attributed primarily to soaring olive oil prices.
Eurostat's report indicates that 21 out of 27 EU member states observed a decline in agricultural product purchase prices, signifying a widespread trend in the EU agricultural market.
The Bulgarian government has finalized the minimum wage for 2026, setting it at 1,213 leva (620.20 euros) per month, effective January 1
The average pension in Bulgaria is projected to reach 541.20 euros (1,060 BGN) in 2026, according to the draft Law on the State Social Security Budget for the same year, recently approved by the government
Economist Dimitar Sabev, from the Institute for Economic Research at the Bulgarian Academy of Sciences, has assessed the draft budget and broader economic situation in Bulgaria
On Friday, November 14, most of Bulgaria will enjoy sunny weather, though fog will persist in Northern regions, particularly in the Danube plain
Prime Minister Rosen Zhelyazkov admitted that he does not consider the draft state budget for 2026 to be a good one, yet described it as the only feasible option under the current geopolitical and domestic circumstances
The Sofia District Prosecutor’s Office has concluded that the dog named Maya, who was run over in Sofia’s Razsadnika neighborhood
Bulgaria’s economic landscape is shaped by 16 major centers that concentrate 80% of the country’s economic activity and three-quarters of the population,
It unites independent research, corporate studies on innovative products, and global examples of tobacco harm reduction
The central challenge for Bulgaria’s labor market is the ongoing demographic crisis, which is expected to intensify in the coming years, creating an acute shortage of workers
Ford vehicles have undergone a remarkable transformation over the past decade, with digital technology replacing many traditional components that drivers once took for granted.
Bulgaria is expecting a strong wine season in 2025, with industry experts optimistic about both the quality and export potential of the country’s production
Esports no longer sit on the edge of the entertainment world.
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence
